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By applying for Supplemental Security Income, you authorize an official to review your assets and resources. According to the Social Security Administration’s website, an agent may request records from your bank or financial institution to verify your claim.

If, as a single individual, you have assets such as cash or stocks, you may qualify for SSI. As long as the total value in your financial accounts does not exceed $2,000, you may receive benefits when eligible. A married applicant, however, cannot have more than $3,000 between both spouses’ accounts.

Certain assets may not exceed a specified value

The SSA permits SSI recipients to own certain resources that provide for basic living requirements. In addition to cash, you may keep funds for your burial worth up to $1,500. If you have a spouse, you may also keep cash up to $1,500 intended for his or her burial.

The aggregate face value of your life insurance policies may not exceed $1,500 to qualify for SSI. You may also maintain up to $100,000 in a disability trust account established by the State of California. Referred to as Achieving a Better Life Experience or ABLE accounts, these trusts generally do not affect SSI benefits.

Some assets may not affect your eligibility

As reported by the AARP, the money held in a flexible spending account for your health care treatments generally does not affect your eligibility for SSI. You may also own real estate that you need to operate a business or fulfill the functions of your trade.

Individuals may qualify for SSI when blind, disabled or at least 65. If you have certain assets, you may keep them without affecting your eligibility. When your resources do not exceed a particular dollar value, they may assist you with your needs in the future.

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