How Are Assets Calculated When Applying for Supplemental Security Income (SSI)?

Posted by: Chris

Supplemental Security Income (SSI) is a needs-based program that awards benefits to low-income people who are over the age of 65, disabled, or blind. To determine if someone qualifies, the Social Security Administration (SSA) will need to review the value of the applicant’s income and resources. If the value is above a specific limit set by the SSA, the applicant will not qualify for benefits. How are these values calculated when applying for SSI benefits? Here’s what you should know:

How the SSA Calculates Income

The SSA will start the review process by calculating the applicant’s income. An applicant’s income is the amount he receives in wages, Social Security benefits, retirement benefits, and more. However, the SSA excludes some income from the final calculation, including SNAP benefits and home energy assistance benefits. The SSA also excludes the first $20 of your monthly income, the first $65 of monthly income earned from working, and half of the income over $65 earned from working.

If you are a single adult, the SSA will only look at your income when making this calculation. However, the SSA can factor in some of your spouse’s income if you are married and some of your parents’ income if you are under the age of 18.

The maximum income to qualify for SSI changes every year. In 2018, if a single disabled adult earns more than $1,180 per month after the SSA’s exclusions are applied, he does not qualify for SSI benefits. However, the maximum income limits are different for married couples and blind applicants.

How the SSA Calculates Other Resources

Next, the SSA will need to calculate the value of other resources you own. This can include assets such as stocks, bonds, bank accounts, and real estate investments. Many resources are not included in this calculation, including your current home, your car, and life insurance policies that are worth less than $1,500.

If a single adult has resources that are valued at over $2,000, he will not qualify for SSI benefits. But, the resource limit is different for married couples. A married applicant will not qualify for SSI benefits if his resources are valued at over $3,000.

If you would like to apply for SSI benefits, contact the attorneys at Armstrong & Vaught, P.L.C. at once. Our attorneys will stand by your side through every step of the application and appeals process to ensure you are awarded the benefits you deserve. Call us now at 918-582-2500, toll free at (800) 722-8880, or contact us online for a free consultation with a skilled attorney.