Saturday, August 14, 2010

When You Are Applying For Social Security Disability Can You Own Property?

If you are applying for Social Security disability, you can have property. Social Security disability is not a need-based program that requires an individual to meet certain asset resource limits.

Social Security disability is based strictly upon an individual’s insured status and insured status is gained through work activity. Each year an individual can earn up to four quarters of coverage and those quarters of coverage count toward insured status. Additionally, an individual’s earnings determine how much their monthly disability benefit amount is.

The only time property can be counted, as a factor of eligibility is if an individual files for the need-based Supplemental Security Income (SSI) disability program. Like so many other programs, there are limits to the amount of income and resources (land, vehicles, bank accounts, pensions, 401K, stocks, bonds, etc.) an individual can have and still be entitled to disability benefits.

Currently, the SSI program allows an individual to keep the property they live on and that does not count as a resource. Additionally, the most valuable vehicle an individual or couple owns is excluded from the resource limit while any additional vehicles owned are counted toward the resource limit.

Currently, the single individual’s resource limit is 2000.00 and couples are allowed 3000.00. And while these limits have not changed in a few years they are subject to change.

When you apply for disability, Social Security will evaluate your potential eligibility for both Social Security and Supplemental Security Income disability. You can apply for Social Security disability even if you do not qualify for SSI benefits, or vice versa.

Return to the Social Security Disability SSI Benefits Blog

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