Asset Limits for Obtaining SSI

Supplemental Security Income (SSI) provides income to disabled individuals based on need. To qualify, applicants must be low income and possess few assets. Unlike Social Security Disability Income (SSDI), there is an asset limit to qualify for SSI.

SSI vs. SSDI

While SSI and SSDI programs both provide income for those who are disabled, their eligibility requirements differ. The SSDI program offers benefits to workers who have gained a certain number of work credits; eligibility is not income-related.

The SSI program offers benefits to disabled individuals who are low income and have minimal assets, regardless of whether or not they’ve held a job before or earned sufficient SSDI work credits.

Asset Limits for SSI

Individuals: SSI applicants or recipients cannot possess more than $2,000 in assets.

Married Couples: Total assets must be below $3,000 to qualify, even if just one partner is eligible. The only asset not considered is an IRA or pension plan belonging to an ineligible partner.

Children: For minors, the assets of a parent or parents are considered for asset limits. If a minor is living with a single parent, the first $2,000 of a parents assets or their spouses assets are ignored while anything above that is counted for the child’s resource limit of $2,000. Similarly, if a child lives with both parents, the first $3,000 of the parents assets are ignored.

What Assets Count?

Cash
Funds in checking or savings accounts
Stocks or bonds
Cash value of life insurance over $1,500

Vehicles, if more than one
Real estate, except for claimants residence
Household possessions

What Assets Don’t Count?

The home where you primarily live, including land and neighboring buildings
Your primary vehicle
Wedding or engagement rings
PASS savings
IDA savings
Savings earmarked for burial up to $1,500 and burial plots
Some support payments, such as grants and scholarships, child tax credit or earned income tax credit funds, victims assistance, or relocation assistance from the state or local government

If you have applied for disability benefits and been denied, contact our experienced disability benefits lawyers in Phoenix. Dayes Law Firm PC is committed to helping our clients obtain much needed disability benefits.