A common concern for Oklahomans who are seeking or already receiving Supplemental Security Income is how their resources will impact their payments. People who have too many resources while meeting the other requirements to receive SSI benefits of being 65 or older, blind or disabled should know the facts about resources. Since SSI is a need-based program, the applicant might need to take certain steps to ensure they are below the threshold and be approved for SSI.
Understanding which resources the Social Security Administration counts and does not count can be confusing. People who are fearful that their home might be counted as a resource should breathe easier if they own the property and the land and it is used as the primary residence. Other items that may not count as resources include a motor vehicle, household items and personal property. If the person has a life insurance policy and its face value is capped at $1,500, it will generally not count. Some people have burial funds. This too can value up to $1,500 for the applicant and the same amount for the spouse.
As for countable resources, there are many and they must be addressed before being approved for and continuing to receive SSI benefits. Cash, a savings account, a checking account, a certificate of deposit, stocks, bonds and other financial devices can be countable. People frequently wonder whether SSI benefits or Social Security payments they received in the past will be categorized as resources. They will not be counted for nine months after they have been received. Payments received after the nine months are considered resources and will impact SSI.
People who meet the criteria for an approval for SSI benefits should be cognizant of the resource limitations and what they can and cannot have. If there are problems with the application, the SSA’s interpretation of the person’s resources or any other holdups or reasons for an SSI claim being denied, having legal assistance may be necessary to get approved or have the application approved on appeal. A law firm with experience in SSI Supplemental Security Income may help.