SSI Resources and Assets
You must have a qualifying disability, have zero or very little monthly income and your Resources and Assets must be valued less than the allowable amount.
In order to qualify for Supplemental Security Income (SSI) disability benefits, you must have a qualifying disability, have zero or very little monthly income and your Resources and Assets must be valued less than the allowable amount. In 2011 the allowable amount for resources and assets is $2000 for individuals and $3000 for married couples.
Resources are things you own such as cash, bank accounts, stocks, bonds, land, life insurance, personal property, vehicles, etc…
According to the Social Security Administration, the following resources are not counted against you for SSI qualification:
the home you live in and the land it is on- household goods and personal effects
- your wedding and engagement rings
- burial spaces for you or your immediate family
- burial funds for you and your spouse, each valued at $1,500 or less (See the SSI Spotlight on Burial Funds)
- life insurance policies with a combined face value of $1,500 or less
- one vehicle, regardless of value, if it is used for transportation for you or a member of your household
- retroactive SSI or Social Security benefits for up to nine months after you receive them (including payments received in installments)
- grants, scholarships, fellowships, or gifts set aside to pay educational expenses for 9 months after receipt.
More information about SSI resources can be found here: https://www.ssa.gov/ssi/text-resources-ussi.htm.
If you have been denied disability benefits, or if you are going to apply for disability benefits, talk with an experienced disability attorney. Click here for a free consultation with an experienced disability attorney in the Southern California area (San Diego, Riverside, Los Angeles, etc…).