When it comes to the Social Security benefits application process, there are certain nuances that can affect your eligibility. One thing that can affect your benefits, which many people might not know about, is how many vehicles you own.
When it comes to Social Security, there are two different programs that you can apply for: Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). It is important to keep in mind that SSI is income-based, and SSDI is based on work credits. Your car ownership can impact your ability to get SSI benefits from the Social Security Administration, so it is wise to consult an attorney to determine your options.
Read More: Am I Eligible for SSI?
When it comes to SSI, assets are a big consideration. If you have multiple properties, it can count against you. The same is true for multiple cars.
For instance, if you have more than one car, the SSA will count the second vehicle against you when determining whether you meet the needs-based criteria. They deem items like cars, property, and personal property to be “resources.” To put it simply, resources are the things you own, and if you have too many resources, then it is possible you will not be qualified for SSI benefits.
Under the SSA rules, you are allowed to own one vehicle without it counting as one of your resources. The SSA is not concerned with the value of the vehicle. Owning one $25,000 car won’t count against you, but owning two cars that are valued at even a fraction of that price will count against you. While that may seem odd, keep in mind that they are looking at this situation as if you could sell excess assets in order to pay bills, etc.
It is also rare for an individual who has a car worth a lot of money to not also be eligible for SSDI instead. If you own a car of high value, it is often likely you had some sort of gainful employment to buy that car.
The SSA knows that most people need a vehicle for transportation, and that is why one car, regardless of value, is not counted against you.
Please note: the number of cars you own, your personal property, and the land you own will not count against you when it comes to eligibility for SSDI. SSDI is based on work credits, not income.
To see if you are qualified for either of the Social Security programs or to ask more questions about eligibility, call our office today for a free consultation from an experienced attorney. Fill out this form to schedule a consultation.
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Jan Dils, Attorneys at Law
