More August questions and answers from Social Security

[August 26, 2011]  SUPPLEMENTAL SECURITY INCOME 
 

Question: Is it true that a person can own a home and still be eligible for Supplemental Security Income (SSI) benefits? 
 

Answer: Yes, even though SSI is a needs-based program, a person who owns the home they live in can be eligible for SSI benefits. People who receive SSI must be age 65 or older, blind, or disabled and have limited income and resources. But a personal residence is not counted as a resource for SSI purposes. For more information, read our booklet, Supplemental Security Income at www.socialsecurity.gov/pubs/11000.html.  

Question:

I understand that you need to have limited resources to receive Supplemental Security Income (SSI). But what is considered a "resource?"  
 

Answer:

Resources are things you own that you can use to support yourself. They include cash, real estate, personal belongings, bank accounts, stocks, and bonds.

To be eligible for SSI a person must have $2,000 or less in countable resources. A married couple must have $3,000 or less in countable resources. If you own resources over the SSI limit, you may be able to get SSI benefits while trying to sell the resources.

Not all of your resources count toward the SSI resource limit. For example:

• The home you live in and the land it's on do not count;
• Your personal effects and household goods do not count;
• Life insurance policies may not count, depending on their value; 
• Your car usually does not count;
• Burial plots for you and members of your immediate family do not count;
• Up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse may not count; and
• If you are blind or have a disability, some items may not count if you plan to use them to work or earn extra income.

You may also wish to read information on "resources" in the booklet, Understanding SSI at 
 

 http://www.socialsecurity.gov/ssi/text-understanding-ssi.htm. 
  

MEDICARE 
Question:  

What’s the best way to apply for extra help with Medicare prescription drug costs? 
 

Answer:  

The fastest and most convenient way to apply for extra help with Medicare prescription drug costs is online at www.socialsecurity.gov/prescriptionhelp. Medicare beneficiaries with limited income and resources may qualify for extra help, which pays part of the monthly premiums, annual deductibles, and prescription co-payments under the Medicare prescription drug program. The extra help is estimated to be worth an average of $4,000 per year.  

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