Supplemental Security Income (SSI) is a needs-based program. It was developed and intended to provide benefits to seniors and the disabled who did not have the resources to maintain a certain standard of living. Because SSI is a needs-based program, Social Security will look into the finances and resources of an applicant. Below is an explanation of exactly what Social Security looks at.
Ownership of Resources
Can More Than One Person Own A Resource?
Resources may be owned outright by just one person or ownership may be shared by two or more people.
How Do You Determine What Is Your Resource If You Share Ownership With Another Person?
Only that portion of a property that is designated as belonging to you can be considered your resource. If there is more than one owner and the consent of the co-owner(s) is needed for you to liquidate your share, then your share is not a resource if the co-owner(s) do not agree to sell.
If you have a time deposit, checking, or savings account and you have unrestricted access to the funds, you are considered to own the entire amount, even if there is a co-owner on the account. However, if you own the account with another or others who receive or who have filed for SSI benefits, we assume the funds are owned in equal shares.
How Are Your Resources Valued If You Are Married?
The total value of a countable property owned only by you and your (eligible or ineligible) spouse is compared with the resource limit for a couple.
What Resources Are Countable?
Not all of your resources count in determining your eligibility for SSI. Countable resources are those left after Social Security:
- Eliminates from consideration any asset that is not a resource; and
- Applies all appropriate exclusions to the assets that are resources.
Countable resources are determined on a monthly basis. We compare them with the applicable statutory resources limit to determine whether you are eligible for that month.
What Are The Applicable Resource Limits?
As of January 2009, the applicable limits are:
- $2,000 for an individual without a spouse; and
- $3,000 for an individual with an eligible spouse or a living-with ineligible spouse.
