When applying for SSI, you need to meet the qualifications exactly. One of those qualifications refers to your wealth and the assets that you control.
It’s understandable why someone with a high level of assets wouldn’t qualify for benefits, but what you need to realize is that the level is probably far lower than you assumed. This isn’t a rule designed to weed out those who have $100,000. The limit is only $2,000 for an individual, and a couple who both receive benefits only sees their limit increase to $3,000.
Does everything count?
If you’re surprised to see that the limit is $2,000, it is important to note that not all of your assets are going to count against you when you file. If you live in your home, for example, you don’t have to count it toward that asset limit. The same is true if you have one car that you use consistently, as your only means of transportation.
Not all assets can be counted, but anything that is considered an extra may be counted. For instance, if you have a second car that you’re working on as a hobby, you may have to count that one, even though your main vehicle doesn’t count. If you are over the limit, one potential option may be to spend down what you have. You don’t want to give money away, but you may be able to spend it and keep the receipts so that you are back under the threshold.
As you can see, it’s very important to understand what assets to count and how to qualify for SSI. This can be a complicated process, so make sure you know exactly what steps to take to get the benefits you need.