the amount of money an individual or couple can have in the bank<\/strong> or other assets without exceeding the resource limit.<\/p>\nFor individuals receiving SSI, the asset limit is capped at $2,000<\/strong>. This means that an individual can have up to $2,000 in countable resources, such as money in the bank, without losing eligibility for SSI benefits. For couples, the asset limit is $3,000<\/strong>. If your assets exceed these limits, you become ineligible for SSI benefits<\/strong> until you lower your assets to within the allowable range.<\/p>\nNow, not all assets are counted toward these limits. Certain resources are excluded when calculating the total amount<\/strong>, and these exceptions can be beneficial for many SSI recipients. For example, the home you live in and the land it is on<\/strong> are not counted as assets. <\/p>\nAdditionally, one vehicle is excluded if it’s used for transportation by the individual or a member of their household. Household goods and personal effects, including wedding and engagement rings, are also exempt from the resource calculation. <\/p>\n
Managing your savings and SSI benefits<\/h2>\n
Other exclusions include life insurance policies with a combined face value of $1,500 or less<\/strong>, burial spaces<\/strong> for you or your immediate family, and up to $1,500 in burial funds<\/strong>. Additionally, funds placed in an Achieving a Better Life Experience (ABLE)<\/strong> account, up to $100,000, are not counted against the asset limit, offering another way for disabled individuals to save without affecting their SSI benefits.<\/p>\nIf you do exceed the resource limit at any point, you can’t receive SSI for that month. However, there are situations where SSI recipients are allowed to temporarily exceed the resource limit while trying to sell certain asset<\/strong>s, such as property, under a conditional benefits arrangement. This means you could still receive SSI payments while in the process of liquidating those assets, though once they’re sold, you may need to repay SSI for any over-the-limit payments you received.<\/p>\nIt’s important to note that if you try to “hide” resources by giving them away or selling them for less than their market value, you could be disqualified from receiving SSI for up to 36 months. The length of this penalty period depends on the value of the resource transferred.<\/p>\n
These asset limits have remained unchanged since 1989, making it difficult for many individuals to maintain financial stability while receiving benefits. Proposals to increase the asset limit or update income disregards could help more people access the support they need. However, until any changes are made, it’s crucial for SSI recipients to carefully manage their assets to stay within these strict limits.<\/p>\n<\/div>\n