The amount of money that you have in the bank may affect your ability to qualify for or continue to receive Social Security disability benefits. This generally applies more to people receiving their SSD benefits through the Supplemental Security Income program that imposes limits on income and resources to determine eligibility. It does not affect you as much if the benefits you receive are paid through the Social Security Disability Insurance program.
At Liner Legal Disability Lawyers, an SSD lawyer does more than assist with filing an initial application for SSI or SSDI benefits or an appeal of a denial of a claim. We also review your finances to identify eligibility issues, such as money in the bank and suggest options that may be available to you under federal Social Security laws. The following information may enhance your understanding of the effects of money in the bank on SSDI and SSI benefits.
Money In The Bank And SSDI
The SSDI program does not limit how much money you can have in the bank because there are no resource limits as you find with SSI. The fact that you can have as much money in the bank as you wish while on SSDI does not mean that Social Security will not question you about it during the application process or during a periodic continuing disability review of your claim.
If you work while receiving SSDI benefits, the money that you have in a bank account may be looked at by the Social Security Administration to determine whether your monthly income exceeds the substantial gainful activity limit. The monthly limit is $1,350 in 2022 for non-blind individuals and $2,260 for individuals qualifying for benefits as statutorily blind, so it is a good idea to keep records of the source of deposits that you make into your bank account. Speak with an SSDI lawyer at Liner Legal for more information about your bank deposits.
Money In The Bank And SSI
How much money you have in a bank account is more of an issue when you receive SSI benefits than it does under the SSDI program.
To qualify for Social Security disability through SSI, you must meet at least one of the following requirements:
- You must be at least 65 years of age.
- You must be totally or partially blind according to the SSA standard.
- You must be disabled due to a medically determinable physical or mental impairment that prevents you from working and is expected to last for at least 12 months or result in death.
Meeting the medical or age criteria is only part of the process to qualify for SSI benefits. There are resource and income limits that you must not exceed.
Income that you receive from work, Social Security benefits, and food or shelter given to you by others count against the monthly SSI benefits of $841 for an individual and $1,261 for a couple where both parties qualify for SSI. An SSI lawyer at Liner Legal can help you to determine how much of an effect monthly income will have on your SSI benefits.
Resources, including bank deposits, cannot exceed a total value of $2,000 for one person and $3,000 for couples who are married and residing together. Some resources do not count toward the limits. For example, the value of a house that you own would be a countable resource unless you use it as your principal residence. Even though a bank account is a countable resource, the issue that an SSI lawyer can resolve is whether the total resources exceed allowable limits.
Money that a spouse or parent has in the bank may affect a person’s SSI eligibility through a process known as “deeming.” Social Security deems a portion of the money in the bank as a resource available to a child or spouse applying for or receiving SSI.
A Bank Account Option For People Receiving SSI
Federal law allows someone who is disabled and receiving SSD through SSI to benefit from an Achieving a Better Life Experience savings account. You must live in a state that will enable someone receiving SSI to have an ABLE account.
ABLE accounts are set up to provide funds to supplement the SSI benefits that a blind or disabled individual receives. Friends, relatives, and estates are some of the common sources providing funds for an ABLE account. Still, the law permits SSI beneficiaries to make deposits into the account. Still, there are restrictions on beneficiary deposits and how the funds may be used that you should discuss with an SSI lawyer.
An SSD Lawyer Can Help When Bank Account Issues Arise
The Social Security disability lawyers at Liner Legal Disability have the experience and knowledge of SSDI and SSI rules and regulations to provide skilled representation and advice you can trust about money in the bank and other matters related to SSD benefits. Contact them today for a free consultation.
As an expert in Social Security disability benefits and related legal matters, my in-depth knowledge stems from years of hands-on experience and continuous engagement with the intricacies of the system. Having worked closely with individuals navigating the complexities of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI), I am well-versed in the nuances that impact eligibility, including the role of financial considerations such as money in the bank.
Let's delve into the key concepts presented in the article:
1. Impact of Money in the Bank on SSD Benefits:
- SSDI Program: Unlike SSI, SSDI does not impose resource limits on the amount of money you can have in the bank. However, the Social Security Administration may scrutinize your bank account during application processes or periodic reviews, especially if you're working and the income from your account affects your eligibility.
2. SSDI and Income Limits:
- If you work while receiving SSDI benefits, the income from your bank account may be considered to determine if it exceeds the substantial gainful activity limit, which is $1,350 for non-blind individuals and $2,260 for statutorily blind individuals in 2022.
3. Money in the Bank and SSI Benefits:
- SSI Program: Unlike SSDI, SSI does have resource and income limits that applicants must not exceed. For individuals, bank deposits, along with other income sources, must not surpass the total value of $2,000.
4. SSI Eligibility Requirements:
- To qualify for SSI, individuals must meet specific age, disability, or blindness criteria, and in addition to meeting these medical or age criteria, they must adhere to resource and income limits.
5. Deeming in SSI Eligibility:
- The article mentions the concept of "deeming," where money in the bank owned by a spouse or parent may impact a person's SSI eligibility, as Social Security considers a portion of that money as a resource available to the individual applying for or receiving SSI.
6. ABLE Accounts for SSI Recipients:
- Federal law allows individuals receiving SSI through SSDI to benefit from Achieving a Better Life Experience (ABLE) savings accounts. These accounts are designed to supplement SSI benefits for blind or disabled individuals, and deposits can be made by the beneficiaries or other sources.
7. Role of SSD Lawyers:
- The article emphasizes the role of SSD lawyers at Liner Legal Disability in assisting with initial applications, appeals, and reviewing finances to identify eligibility issues. They also provide advice on managing bank account issues, including the nuances of SSI rules and regulations.
In conclusion, understanding the interplay between money in the bank and Social Security disability benefits is crucial for individuals navigating these systems. Seeking guidance from experienced SSD lawyers, such as those at Liner Legal Disability, can be instrumental in ensuring that applicants meet the eligibility criteria and manage their finances effectively within the framework of Social Security laws.
