What qualifies for SSI spend down?
What qualifies for SSI spend down?
The resource limit is $2,000 for unmarried individuals and $3,000 for married couples, meaning that if you receive a sum of money, you will need to spend down those funds until you have less than $3,000 if you are married or less than $2,000 if you are not.
How does SSI spend down work?
The term “spend down” describes the process of literally spending the excess money received by a benefits recipient down to the maximum allowable resource limits. By spending the excess funds in the month in which they are received, the individual can remain eligible for benefits.
Can SSI take your inheritance?
SSI is different from Social Security and Social Security Disability Income (SSDI.) However, receiving an inheritance won’t affect Social Security and SSDI benefits. SSI is a federal program that pays benefits to adults over age 65 and children who have limited income and resources and are blind or disabled.
How much money can someone on SSI have in the bank?
To get SSI, your countable resources must not be worth more than $2,000 for an individual or $3,000 for a couple. We call this the resource limit. Countable resources are the things you own that count toward the resource limit. Many things you own do not count.
What does SSI consider an asset?
The assets or resources that are counted by SSI include money in the bank, investments of any kind, real estate other than a primary residence, and personal property and household goods over certain limits. SSI also counts any money or property in which you have an interest, even if you are not the sole owner.
Do cash gifts affect SSI?
If you are considering accepting financial assistance from friends or family, it may affect your SSI eligibility. Financial assistance can disqualify you for SSI benefits, but not SSDI benefits. Generally, cash gifts reduce your SSI eligibility dollar for dollar.
How much money can I have in the bank on SSI?
What can I Spend my SSI money on?
All in all, the wise way to use your SSI benefits is to spend it on essentials such as food, home, healthcare, and other living expenses. It is best to keep your luxury spending to a minimum.
What is the average SSI payment?
The monthly payment amount for the SSI program is based on the “federal benefit rate” (FBR). In 2017, the FBR is $735 per month for individuals and $1,103 for couples (and the FBR increases annually if there is a Social Security cost-of-living adjustment).
What does Medicaid spend down mean?
A Medicaid spend down is a portion of health coverage that an individual must pay for before Medicaid coverage begins. The exact amount of the spend down varies depending on the state in which you live, medical bills you have each month and other factors.
Who is eligible for Supplemental Security Income (SSI)?
Those eligible for SSI include those who are aged 65 or older. Those who are disabled and have limited resources or income also qualify. Suffering from blindness as recognized by the Social Security Administration (SSA) is also enough to qualify you for Supplemental Security Income (SSI).