More August questions and answers from Social Security
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[August 22, 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.
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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.
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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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