Supplemental Security Income and Assets in West Virginia

Applying for Social Security can be very confusing when trying to figure out which programs you qualify for. There are two main programs: Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).

SSI is a need-based program based on household income and assets. What counts as an asset? Many different things can be counted against you in terms of how many assets you have. Here is the breakdown:

Assets that count

• Cash
• Any money in your checking or savings account
• Cash value of life insurance policies over $1,500
• Stocks and bonds
• Household goods and effects over $2,000
• Any cars you own (except for one)
• Property or real estate you own that is NOT the property you live on

Assets that don’t count

• Your home (primary residence), the land it is built on, and other buildings on the property
• Your car (you can have one car excluded towards your assets; any value in the car over $4,500 counts as an asset)
• Wedding rings of any value
• Burial savings up to $1,500 in value and plots for your immediate family
• Support payments of any kind

All these assets are subject to change on a case-by-case basis and nothing is ever exact when determining what is an asset. If your resources are found to be over the limit, you will receive a technical denial from the Social Security Administration explaining this.

Need help understanding SSI? Contact Jan Dils Attorneys at Law anytime at 877.526.3457. We have an experienced team of West Virginia Social Security Disability attorneys and one of our representatives will be happy to answer your questions. Or if you’d prefer to contact us online, please fill out this form and we will respond to you shortly.