In order to ensure that people don’t abuse the Supplemental Security Income (SSI) program, the Social Security Administration (SSA) has specific financial limits in place for those seeking benefits. SSI is generally only an option for those with severe medical conditions and limited financial means.
Generally, people who want to receive SSI benefits will have no outside sources of income, as their medical condition will prevent them from working. Additionally, they are subject to limits on the total amount of resources they have available to them.
What is the resource limit, and what asset count as resources?
For an adult’s seeking SSI benefits, the SSA expects that they will have no more than $2,000 in available resources. Cash, balances in bank accounts, life insurance, vehicles and anything easily converted into cash can count against this limit.
However, your primary residence and the land is on, one household vehicle, prepaid burial plots, educational grants, scholarships, support/maintenance payments, burial and funeral savings of up to $1,500 and up to $100,000 in a specialized ABLE account do not count against this limit.
Getting help and advice when you don’t understand if you qualify or not
It can be hard to make sense of some of the SSA’s policies, which may seem open to interpretation in certain circumstances. If you think you need SSI benefits but don’t know if you meet the financial requirements or have a qualifying condition, you may need to seek help and advice.
Speaking with an attorney who is familiar with SSI applications and appeals can make it easier for you to determine whether you can qualify for benefits or what steps you need to take in order to qualify.