Social Security Disability and Money in the Bank

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by Tim Moore, Disability Representative in North Carolina

Many people confuse Social Security and Supplemental Security Income disability when considering the impact of income and resources on disability eligibility. The answer to this question, of course is yes if you are receiving Social Security Disability. If you are receiving SSI, the answer is no, because you are not allowed to have assets over $2000. So you couldn’t even have an account with this much in it without becoming ineligible for SSI.

Why does SSI have a limit on assets or resources?

Supplemental Security Income disability is a disability program that is based upon need; therefore, there are income and resource limits which affect SSI eligibility. Unlike Supplemental Security Income (SSI) disability, Social Security Disability does not have any kind of income or resource limits because it is based upon insured status rather than need. Consequently, income (other than wages) and resources do not affect eligibility for Social Security Disability benefits.

Social Security Disability has NO limit on your assets or resources

Social Security Disability applicants or beneficiaries can have rental homes, investments, land, stocks, bonds, and CDs without any penalty. If an individual is receiving Social Security they can have as much money in the bank as they wish and there is no problem with interest earned on CDs.

Assets can affect your ability to receive SSI

SSI on the other hand is completely different. Eligibility to receive SSI benefits is affected by money in the bank, income, land, rental property, stocks, 401ks, and CDs. Why? Again, the reason SSI is affected by income and resources (of any kind) is that it is a need-based disability program meant for those who have little or no income or resources.

The non-medical criteria that establish eligibility for SSI are very similar to the eligibility guidelines for all social welfare programs. If an individual has income or resources above the SSI income and resource limits, they are not eligible for the need-based disability program.

When you apply for disability, you are screened for both SSD and SSI

When an individual files their disability application with Social Security, they are evaluated for both Social Security Disability and SSI disability. If they meet the eligibility requirements of both programs, their disability claim will be sent to the state disability agency as a concurrent claim. If they do not meet the eligibility requirement of both programs, their disability claim can be sent as a Social Security Disability or SSI only claim to the state disability agency.

Once they are medically approved for disability benefits, SSI beneficiaries have an “end line review” to address any changes in income or resources. An individual can be found medically disabled by Social Security and still not be eligible for SSI disability benefits because they do not meet income and resource limits.
Questions and Answers

1. The Difference Between Social Security Disability and SSI Really Involves Work Activity

2. Will The Condition You have Determine How Much You Get For Disability?

3. If Social Security Turns Down My Case Can I apply For Disability A Second Time?

4. If You Are Currently Working Are You Eligible To Receive Social Security Disability?

5. Application Requirements For Disability – What Do I Need To Start The Claim?

6. What If I Do Not Have Enough Work Credits For Social Security Benefits?

7. What Are The Reasons For Social Security Disability Cases Being Denied?

8. What Does It Mean If you Are Denied For Disability Because Of Other Work?

9. Social Security Disability Hearing-How Do I Request One?

10. The Medical Records That Are Best For A Social Security Disability Claim

11. Winning Social Security Disability Benefits For Mental Disorders

12. Getting a Social Security Disability Determination After Seeing a Psychologist at a Mental Evaluation