When you apply for Supplemental Security Income (SSI), this means you give consent for an official to review your resources and assets. To verify your claim, you may have a request for your bank records given.
You may qualify for SSI if you have assets like stocks or cash, as a sole individual. If the total value of your accounts is below $2,000, you may receive such benefits.
Assets under a certain amount
The Social Security Administration’s website goes into plenty of detail regarding SSI eligibility. You can have certain assets that will help meet your basic needs for living. This includes cash, as well as funds for the burial of up to $1,500. If you have a spouse, you can keep an additional $1,500 in funds for their burial as well.
Your life insurance policy cannot be over $1,500. However, you can have a disability trust of up to $100,000. These are Achieving a Better Life Experience (ABLE) accounts and do not impact SSI eligibility in most cases.
Assets that aid with disabilities
Money held in a flexible spending account specifically for use in healthcare treatments also typically does not impact SSI eligibility. If you need real estate for functions in your trade or business, this is also usually set outside of the parameters of consideration for SSI eligibility.
Finally, if you are over the age of 65, blind or deaf, you may qualify even if you have certain assets that can assist you with your disability. As long as these resources do not go over a certain dollar amount, they can be used to aid in your financial future instead.