What Are Countable Assets For Social Security Disability and SSI?Social Security has two disability programs that involve different eligibility requirements. Social Security Disability is based upon an insured status that is earned through work activity, while Supplemental Security Income (SSI) is based upon need. Consequently, Social Security does not consider assets when they make a determination as to an individual's eligibility for Social Security Disability benefits. Countable assets are a factor of eligibility for SSI only. Currently, the resource limit for an individual applying for SSI benefits is two thousand dollars and the couple's resource limit is three thousand dollars. While these limits have been the same amount for years, there is a possibility that they could change at any time. Check with Social Security to find out the current year income and resource limits. So what assets are counted as resources or assets for SSI eligibility purposes? Social Security allows an individual or couple to exclude their highest valued vehicle and the home and land they live on. If an individual or couple own land other than the land they live on, own more vehicles, boats, motorcycles, bank accounts, stocks, bonds, or any other item that could be sold for cash, it will be counted against the SSI resource limit. It makes sense that all resources or assets that could readily be turned into cash be counted toward the SSI disability program resource limit. After all, SSI is a need-based program. This program is in place to help those who have not worked that much, worked a long time ago, those who have not worked at any time in their life, and children (their parents must meet the income and resource limits) to have the possibility of financial help through monthly disability benefits. If an individual or couple has assets or resources above these limits, it is reasoned that they are more able to provide for their support than those who are under the limits or have no resources at all. Additional information: What are the specific assets that count for SSI Disability? 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: Disability determination services in North Carolina What assets count for SSI Disability? Countable Assets For Social Security Disability and SSI? Are assets important when you file a disability claim? What happens if I am on disability and sell a mobile home or other property? Is there a waiting period for SSI or SSDI? Will I qualify for disability Benefits in New Jersey? Getting a Disability Lawyer in New Jersey |
