Applicants for Supplemental Security Income (SSI) understand that the program is designed for folks with limited resources and income. If you have too much of either, you won’t be eligible. But when it comes to what counts, the answer can be hard to find
Here’s what you need to know. First , SSA distinguishes between income and resources.
Resources, simply put, are what you already have, like your bank accounts, your car, your home, even your life insurance policy. You can’t have more than $2000 for an individual and $3000 for a couple to qualify. The good news is that your home, your household goods, your vehicle – the value of these don’t count. It gets more complicated after that, so you’ll need a lawyer’s advice if you’re talking about other resources.
What about income? Income includes both earned income (your work) and unearned income (pensions, unemployment benefits, interest income). Some income counts dollar for dollar against SSI benefits. Alimony fits into this category. Some income does not count at all – such as the first $20 you receive, the value of food stamps, grants, scholarships, money someone else spends to pay your expenses (except food and shelter; there, it will count but not necessarily dollar for dollar). And some income counts but not on a dollar for dollar basis. Again, consult an attorney if you’re wondering about an unusual type of resource or income.