If you are unable to work and looking to apply for social security disability benefits, you are likely wondering what the qualifications are for benefit eligibility. Given that there are income limits associated with receiving social security disability (SSDI) benefits, you may be concerned about the assets that you have accrued as well.
Is there an asset limit to apply for disability?
Luckily for those who have funds available, in addition to other assets such as a house, vehicles, and other items of value, there is no asset limit to apply for SSDI. All that you have earned, saved, and acquired during your life does not come into play in terms of applying for and retaining SSDI benefits.
Social security disability benefits are funded through FICA taxes that you pay into the social security system during your work career. The amount that you have paid in directly affects what amount you will receive on a monthly basis if approved for benefits. This is the main reason why assets do not come into play when considering social security disability benefits.
However, as mentioned above, once you are receiving benefits, there are limits to what additional income you can earn. And if your condition improves to the point of where you can gain substantial employment again, you may no longer be able to receive social security disability benefits.
SSI Benefits Asset Limits
While SSDI benefits are not impacted by assets that someone has, there is another kind of social security benefit which is. Social Security Insurance, or SSI, is a needs-based program that provides assistance for individuals that have no or very limited work history and would therefore not qualify for SSDI.
To qualify for SSI, you have to have very low or no income and low assets as well. Your assets need to be less than $2,000 total to qualify for SSI if you are single. If you are married, the asset limit is $3,000. For children under the age of 18, the Social Security Administration may take into account the assets of the parent when determining need.
SSI is funded by general funds of the U.S. Treasury, so past work history has no impact on how much someone may be eligible for.
For questions on SSDI or SSI eligibility, or help with applying, contact Tabak Law at no cost to discuss your situation. If you’ve been denied benefits already, don’t give up – we can help appeal and get you approved. Call risk-free today at 844-432-0114.