For Floridians who are seeking Supplemental Security Income (SSI) under the Social Security Disability (SSD) program, there are many different criteria that they must meet to be approved for benefits. Since SSI is for those who have a low income and few resources, the resources that the claimant does have are key to being approved or denied. One of those criteria is based on things that the claimant owns.
The resources that will be considered when the Social Security Administration determines whether or not a claimant should be approved include real estate that might be owned, money in bank accounts, cash and investments, such as stocks or bonds. If a person has resources worth $2,000 or less, it might be possible to receive SSI benefits. For a couple, there might be an approval for SSI, if the resources are worth $3,000 or less. Those who own property and are in the process of trying to sell it might be able to receive SSI as the property is being sold.
Not everything will be counted when the decision is made whether the claimant has too many resources for SSI. Examples of what will not be counted are: the claimant’s home and land; a life insurance policy that has a face value of $1,500 or less; a vehicle; burial plots for the claimant and immediate family members; and as much as $1,500 in burial funds for the claimant and as much as $1,500 for the spouse.
SSI benefits are often necessary for people who are 65 or older, blind or disabled and meet the federal regulations for income and resources. Those who believe they meet the requirements for SSD benefits under the SSI program or are unsure as to whether they do or not should seek assistance with their claim from a legal professional experienced in helping claimants with disability benefits.
Source: SocialSecurity.gov, “Supplemental Security Income (SSI), page 6,” accessed on Dec. 14, 2015