| Did you know that SSI and Social Security | | | | Security Retirement. |
| Income are not the same thing? You have to | | | | - Your monthly income must be less than a |
| wonder if some government official didn't choose | | | | minimum threshold that is established by your |
| this nomenclature and subsequent acronym just | | | | state & you must have less than $2000 in |
| to confuse an already ridiculously confusing issue. | | | | assets, as an individual, and less than $3000 as a |
| SSI stands for Supplemental Security Income, | | | | couple. Certain resources are excluded in the |
| which is designed for the blind and/or disabled and | | | | determination for eligibility so do not assume that |
| provides them with a guaranteed minimum | | | | you are not eligible. |
| income. There are evidently around 1.5 million | | | | - You must either be a U.S. citizen or meet strict |
| elderly that may be eligible for this benefit that | | | | retirements governing a long-time resident. |
| are not collecting it. It is also a little known fact | | | | So, what is not included when determining eligibility |
| that this income is in addition to your Social | | | | when it comes to assets? |
| Security Retirement benefits. Even someone who | | | | - Burial plots, life insurance and burial funds up to |
| has not accumulated enough work credits for | | | | $1500 per person. |
| Social Security retirement benefits may qualify for | | | | - Property used for self-support, such as tools or |
| SSI and individuals or couples that already receive | | | | a home computer, up to $6000. |
| retirement benefits may have additional | | | | - All of your personal and household goods. |
| supplemental income due them in the form of | | | | - One vehicle, regardless of the value, if it is used |
| SSI. | | | | for transport of you or a member of your |
| As of January 1, 2010, the maximum SSI benefit | | | | household. |
| is $674 a month for an individual and $1010 a | | | | - Your wedding and engagement rings. (The |
| month for couples. This amount goes up by 3 or | | | | government sometimes has a heart) |
| 4% (usually) every January as part of the Cost | | | | - Your home, including the land it sits on, |
| of Living increase. It's actually been years since | | | | regardless of its value. |
| this increase has kept up with the way the cost | | | | There are numerous ways to qualify when you |
| of living rises, but most states also supplement | | | | don't think you do, and if you find yourself in dire |
| the federal SSI benefit with additional monies. The | | | | straits, it is most likely worth looking into. For |
| only states that do not pay a supplement are | | | | example, you have a specific period of |
| Arkansas, Georgia, Kansas, Mississippi, Tennessee, | | | | time-usually from 3 to 6 months-after your |
| Texas and West Virginia. But, in the states that | | | | application in which to sell or dispose of assets in |
| do pay a supplement, you may actually qualify for | | | | order to put yourself below the level that would |
| that supplement without qualifying for the SSI | | | | disqualify you for eligibility. You can sell or spend |
| benefit. It is also worth checking, as these laws | | | | your excess resources for fair market value and |
| are always changing and states that did may stop | | | | still come in below the benefit limits. You cannot |
| or states that don't may start offering this | | | | give away or sell the asset for less than it is |
| supplement. | | | | worth, as this may disqualify you for the very |
| Confused? You aren't the only one. In order to be | | | | benefits you are attempting to get. There are, of |
| eligible for SSI: | | | | course, exceptions to every rule, and it is a |
| - You must be either blind, or disabled, or age 65 | | | | complex issue. It would be best to research it |
| or older. The keyword here is either. It is | | | | thoroughly and if you are still not sure, then by all |
| estimated that somewhere around 15% of | | | | means use the expertise of an attorney that |
| recipients are under the age of 18, about 30% | | | | specializes in elder law. |
| are older than 65 and that a bit more than half | | | | And if you don't have access to a computer at |
| are aged 18 to 64. As you can see, the number | | | | home, have one of your children or neighbors help |
| of recipients over the age of 65 are considerably | | | | you, or enlist the help of your local library or even |
| less than what you would expect, mostly because | | | | your neighborhood Senior Citizens Center. The |
| many of these people do not know that they are | | | | resources are there for you and for your loved |
| entitled to this benefit, in addition to their Social | | | | ones. You just need to know where to look. |