Can You Be Denied Social Security Disability If You Have Money In A Savings Account?Often, there's confusion about the non-medical requirements of Social Security Disability or SSI (Supplemental Security Income disability). Both disability programs are administered by Social Security but they have different non-disability eligibility requirements. Social Security Disability is different from SSI and does not have income or resource eligibility requirements, because it is based upon an insured status that is earned through your work activity. It is not a need based disability program, so you cannot be denied Social Security Disability because you have resources such as savings accounts, checking accounts, 401K accounts, vehicles, homes, land, inheritances, cash, etc. Nor can you be denied because you have pensions, workman's compensation benefits, long-term disability benefits, or any other kind of income. Frankly, Social Security does not care what you have as long as you are insured for Social Security Disability. However, if you are applying for Supplemental Security Income (SSI) disability benefits, you are subject to strict income and resource limits. SSI is a need based disability program for individuals who A) have not ever worked (including children), B) have not worked enough to be insured for Social Security Disability, or C) have not work in such a long time they are no longer insured for Social Security Disability. Currently, single individuals are allowed $2000.00 in resources while couples are allowed $3000.00. Social Security excludes one vehicle (the one that is highest valued) and your house along with the land it sits on from the resource limit. If you own land at another location it will be counted toward the resource limit. If you own more than one vehicle, the value of your other vehicles will be counted toward the resource limits. The same is true for bank accounts (i.e. savings or checking) and all of the other resources listed above. Basically, Social Security considers anything that can be easily converted into cash to be a resource. Since any of the above mentioned resources count toward a $2000.00 resource limit if you are single or a $3000.00 resource limit if you are married, it is easy to see how you could be denied for SSI disability if you have money in a savings account. About the Author: Tim Moore is a former Social Security Disability Examiner in North Carolina, has been interviewed by the NY Times and the LA Times on the disability system, and is an Accredited Disability Representative (ADR) in North Carolina. For assistance on a disability application or Appeal in NC, click here. Most popular topics on SSDRC.com Social Security Disability in North Carolina Common Mistakes to avoid after being denied for Disability Tips to Prepare for Filing for Social Security Disability or SSI Advice to Win SSD and SSI Benefit Claims Social Security Disability SSI Questions What is the difference between Social Security Disability and SSI? How to get disability for depression Getting disability for fibromyalgia SSI disability for children with ADHD What is the Application Process for Social Security Disability and SSI? Social Security Disability SSI Exam tips More Social Security Disability SSI Questions What makes you eligible for Social Security Disability or SSI? Related pages: How does a disability lawyer or representative get paid in North Carolina? Getting SSDI but making too much money Can You Be Denied Social Security Disability If You Have Money In A Savings Account? Social Security Disability and Money in the Bank How does Social Security determine the amount of money you receive on disability? Facing the possibility of having to leave work and go back on disability For your Social Security Disability claim, submit whatever medical evidence you have Applying for Disability in Michigan Filing a Disability appeal in Michigan Will I qualify for disability Benefits in Michigan? |
