what to do about too much resources available; ssi
SUPPLEMENTAL SECURITY INCOME (SSI) RESOURCES
WHAT ARE Resource?
Resources are things you ain such every bit:
Cash;
Bank accounts:
Stocks, mutual funds, and U.S. savings bonds;
Land;
Life insurance;
Personal property;
Vehicles;
Anything else you own which could be changed to cash and used for nutrient or shelter; and
Deemed resources.
WHAT ARE DEEMED Resource?
Sometimes nosotros "deem" a portion of the resources of a spouse, parent, parent'southward spouse, sponsor of an alien, or sponsor's spouse every bit belonging to the person who applies for SSI. Nosotros call this process the deeming of resources. If a child under age eighteen lives with one parent, $2,000 of the parent'due south full countable resource does not count. If the kid lives with 2 parents, $iii,000 does not count. Nosotros count amounts over the parents' limits as role of the child's $2,000 resources limit.
WHY ARE RESOURCES IMPORTANT IN THE SSI PROGRAM?
The value of your resource is one of the factors that determines whether y'all are eligible for SSI benefits. However, not all resources count for SSI. If the value of your resources that we count is over the allowable limit at the beginning of the month, you cannot receive SSI for that month. If yous decide to sell the excess resource for what they are worth, y'all may receive SSI starting time the calendar month later on yous sell the backlog resources. You may fifty-fifty be able to receive benefits while you try to sell the excess resources in certain situations.
WHAT IS THE Resources LIMIT?
The limit for countable resources is $2,000 for an individual and $3,000 for a couple.
WHAT Resources DO NOT COUNT FOR SSI?
For SSI, nosotros do not count:
the domicile you alive in and the land it is on;
one vehicle, regardless of value, if you or a member of your household use it for transportation;
household goods and personal furnishings (e.g., your wedding ceremony and engagement rings);
life insurance policies with a combined face value of $ane,500 or less;
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);
belongings you or your spouse use in a trade or business organisation, or on your task if you piece of work for someone else (see the SSI Spotlight on Holding Yous Need for Self Support);
if you are disabled or blind, money or belongings you have set bated under a Plan to Achieve Cocky-Support (Laissez passer) (encounter the Spotlight on PASS); and
upwards to $100,000 of funds in an Achieving a Better Life Experience (ABLE) business relationship established through a Country ABLE program (run into the SSI Spotlight on ABLE).
WHAT ARE INSTALLMENTS?
When an individual is eligible for past–due SSI benefits, Social Security must beginning reimburse the Land if you received whatsoever monetary Interim Aid, while you were waiting for your SSI decision. If the remaining past–due benefits are large, we must pay them in installments. The installment payments are fabricated in no more than than three payments, at six month intervals.
At that place is an exception that allows the amount of the first and second payment to be increased because of certain debts. There are also two exceptions that would permit payment of all unpaid benefits due an private to be paid in ane lump–sum:
if you lot have a medical condition that is expected to result in your expiry within 12 months; or
you become ineligible for SSI benefits and are probable to remain ineligible for 12 months.
WHAT OTHER Resources Practice NOT COUNT FOR SSI?
retroactive SSI or Social Security benefits for up to 9 months after you receive them (including payments received in installments);
grants, scholarships, fellowships, or gifts ready bated to pay educational expenses for 9 months after receipt;
money saved in an Individual Development Account (IDA) (Come across the SSI Spotlight on IDAs);
support and maintenance aid and dwelling energy assist that we do not count as income;
cash received for medical or social services that we do not count as income is not a resources for one calendar month;
EXCEPTION: Greenbacks reimbursements of expenses already paid for by the person are evaluted under the regular income and resources rules.
health flexible spending arrangements (FSAs);
Country or local relocation help payments are not counted for 12 months;
crime victim's assistance is not counted for 9 months;
earned income tax credit payments are not counted for 9 months;
dedicated accounts for disabled or blind children (see Deeming Eligibility Chart for Children);
disaster relief assistance which we do not count as income;
cash received for the purpose of replacing an excluded resources (for example, a house) that is lost, damaged, or stolen is not counter for ix months;
All Federal tax refunds and avant-garde tax credits received on or after January 1, 2010 are not counted for 12 months;
The first $2,000 of bounty received per calendar yr for participating in certain clinical trials; and
Some trusts (See the SSI Spotlight on Trusts).
WHAT IF I Desire TO SELL A Resources?
If you lot are trying to sell real property or other resource that put you over the resource limit, you may exist able to get SSI while you are trying to sell them. When you sell the resource, y'all must pay back the SSI benefits you lot received for the menstruum in which yous were trying to sell the property or other resource. We phone call these "conditional benefits". You lot must sign the "Agreement to Sell Property" form and we must accept that agreement earlier provisional payments tin begin. You can get the form from your local Social Security office.
WHAT HAPPENS IF I Requite AWAY OR SELL A RESOURCE?
If you, your spouse, or a co–owner give abroad a resource or sell information technology for less than it is worth, yous may exist ineligible for SSI benefits for upward to 36 months. How long y'all are ineligible for SSI benefits depends on the value of the resource you transferred.
Source: https://www.ssa.gov/ssi/text-resources-ussi.htm
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