What Is SSI?
SSI is the acronym for Supplemental Security Income. SSI is a needs-based government assistance program administered by the US Social Security Administration that offers monthly payments to eligible US citizens. These include people with disabilities of all kinds and people aged 65 and older whose income and assets fall below a certain threshold. Eligible residents in the 50 states, the District of Columbia, and the Mariana Northern Islands can receive benefits from the SSI program.
If you’re the parent or caregiver of an adult or child with disabilities, it’s essential to understand a few key things about qualifying for program benefits. Here’s what you need to know about asset limits when you apply for SSI entitlement or report changes to your financial situation.
SSI Asset Limits
Understanding SSI asset limits is extremely important because these determine whether you are eligible for benefits. The program has strict eligibility criteria that haven’t been updated since 1989, making them even more difficult to meet until the program is restructured.
“Assets” does not refer to your income, but to other resources of monetary value that you own, such as cash, real estate, vehicles, and other property. To be eligible, you must have:
No more than $2,000 in assets for individuals (to qualify for $914 of assistance per month)
No more than $3,000 in assets for couples (to qualify for $1,371 of assistance per month)
SSI Asset Limit Exclusions
Some kinds of assets won’t count against you for qualifying purposes. These are called asset limit exclusions, and they include:
The property you currently live in, if you own it
One vehicle, if it’s used for transportation
Household goods and personal possessions
Life insurance policies worth $1,500 or less in total
Burial plots for yourself or your family and burial funds of up to $1,500 each for yourself and your partner, if applicable
Your or your spouse’s trade, business, or employment-related property
Money set aside for what is called a Plan to Achieve Self-Support (PASS)
Up to $1,000 in funds in a state-administered Achieving a Better Life Experience (ABLE) account
Navigate Life Better With Progressive Lifestyles
Progressive Lifestyles, Inc. is dedicated to providing innovative support and nursing services for people with disabilities. Our mission is to provide supportive and caring residential opportunities for individuals with intellectual and developmental disabilities throughout Oakland County, Michigan.
A primary focus of our organization is to interact with the individuals we support through the “Culture of Gentleness” model. We seek to create a positive environment to help them feel safe and valued while maximizing praise, limiting demands, maintaining consistent structure, and reducing stress during transitions.
We are hiring! No experience? No worries! You bring a warm heart and we'll teach you how to be a fantastic caregiver plus give you skills that you can use to further your career. Apply now!