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Many people aren’t aware of the differences between Social Security Disability (SSDI) and Supplemental Security Income (SSI). While there are many differences between the two programs, the most significant difference pertains to income and resources.
Supplemental Security Income is a need-based program. Social Security Disability is based on your work credits. If you have a lot of resources, your SSDI claim won’t be impacted.
However, since SSI is income-based, your resources could impact your claim. Many SSI applicants find the rules about resources confusing. To clarify some of the most common misconceptions about resources, we compiled a list of tips and we’re sharing some of our best advice from the past 24 years.
According to the SSA, a resource is something that you own, such as cash, bank accounts, land, life insurance, personal property, vehicles, and anything else you own that could be exchanged for cash.
If you’re single, the Social Security Administration states that you can’t have more than $2,000 in resources. However, not all resources count against you. We’ll explain more about resources that don’t count against you later. If you’re married, the limit is raised to $3,000. This is the same regardless of whether one or both spouses are disabled.
If you are over the resource limit, you will not be eligible for SSI. Since SSI is based on need, many people won’t have to worry about a lot of the issues with resources.
However, because of how nuanced the SSA rules are pertaining to resources, it can be confusing. That’s one of the reasons why so many people seek the help of attorneys like Jan Dils, Attorneys at Law. We have the knowledge to help individuals navigate the Social Security maze.
Call us today for a free consultation. Our toll-free number is 1-877-526-3457. If you’d rather talk at a different time, fill out this form so our Intake team can schedule you for a later date.
Jan Dils, Attorneys at Law