How much money are you able to have in bank?
 

How much money are you able to have in the bank with SSD? I understand SSI has a $2000 limit before red flags get thrown up, but what about SSD? Are there red flags to how much you can have in the bank with SSD?

Hi cyber
 

I believe it is 2 grand for either of them, I could be wrong. I would like to hear from others about this issue as well. ginnie:hug:

ssdi there is no limit to the amount of money you can have in the bank. for ssi its 2,000 in total assets besides one car and your house

http://www.disabilitysecrets.com/page7-5.html

The above link is a good explanation of the 2 programs. There are NO asset restrictions for SSDI. SSI is a needs based program for those without enough work credits and is essentially welfare.

For those that are disabled at age 21 or younger, they should consider applying for SSDI on their parents work record since this might be of great benefit when a parent retires or passes away.

That's good to know about SSDI as I want to save up a good down payment to get a new car in the next 5 years and wasn't too sure if I could keep my money in my bank account or to put it in a safety deposit box. I'm relieved that I can keep it in my account. :)

An easier version....

Oprah Winfry & Bill Gates who are both BILLIONAIRES are entitled to collect SSDI if they should ever need it. :D

I had never herd of this, does it vary by state? so can you actually be turned down if you have more than 2 K in the bank?

Which are you asking about, SSI or SSDI?

Gov link with info on both-
https://www.socialsecurity.gov/disability/

SSI has a $2000 resource limit that includes the cash in your pocket or in your safe deposit box or hidden in your home safe as well as your second or third car, your investments, the cash value of some life insurance policies, all of your non-home real estate, oh, and the money in the bank.

Being over the resource limit for SSI is not a red flag; it means you are ineligible for SSI benefits for as money months as you are over the resource limit and can create tremendously large overpayments.

Dear diaba
 

Yes it is true. If you get medicare/medicaid, or SSDI you cannot have more than 2k. I lost what two generations saved for, through a trust, given to me to be able to keep my home. I was not allowed to keep those funds, even though it was stated in the trust not to use for medical. My folks had tried to protect me. Could not get benefits until those funds were extinquished. I am now loosing my home because I cannot pay the taxes. Lousy deal. ginnie

SSI has asset restrictions. SSDI does not.

Medicaid has asset restrictions. Medicare does not.

SSI is essentially a welfare program for the disabled that do not have enough work credits to qualify for SSDI. Medicaid is an insurance program for the poor. This is why SSI has asset restrictions and SSDI does not. These are different programs with different rules.

I understand your frustrations, but it is confusing to those that don't understand the programs when you give the kind of information above.

About benefits
 

I have both medicaid, and I have SSDI. SSD was granted. It was my experience that I was not allowed to have funds at all to benefit me. ginnie

A person can receive SSDI and have income low enough to qualify for Medicaid. And Medicaid has it's own asset restrictions. This does not mean that SSDI has asset restrictions. The OP asked about SSDI having asset restrictions--it does not.

Oh Ginnie, so sorry to hear about you losing your home. I lost mine a few years ago after I was unable to work. Awful about your not being able to get benefits until your funds were spent. Why should one have anything to do with the other?

Because our government can't afford to give away money meant for the very poor to people who have significant assets.

Hi diaba
 

What bothers me, is that I had a legal document, that our government failed to abide by. However I was to abide by this same document. My parents knew I was in trouble and so did the lawyer. We were not advised correctly legally. My parents should have done things different, but they didn't know any better.
Anything there was, was to pay to keep me in my home, nothing else. Each year is very stressful now, trying to find a way to exist until I figure out what is best with my current medical state. Thank you for caring. I just feel sad that all two generations (me encluded) saved for, had to be used to keep me alive. ginnie:hug::grouphug:

unless of course you are a bank, oil company or other large corporation, then the government will give away money to you no matter what your assets are.

lol....too true !

Hi echos and finz
 

Glad you both have compassion. What you said is true, if you have the right connections, you can get by alot easier.
What I find wrong, is that the system reduces you to poverty. While going through the hoops, trying to get medical coverage, even my mothers earings she gave me upon her death, you are told to cash em in, and use the money and or report it. I have looked into housing for the poor. Where there is availabity, noone would want to live there.
I know this is not just me, many have the same situation as I do. Just because you become disabled should not sentance a person to life that is one horrible struggle. I did work, and hard.... I did not quit when I should have, as I kinda knew what my future would bring without my career. However I was at serious risk of being paralized had I not acted when I did. No health insurance as I had pre-existing conditions. That was the purpose of this document I had. so I could keep my home, nothing else. So in essence, in my case I lost all, because of my injuries.
I am bitter, as my folks told me if I worked hard, saved my money, did all the right things, that if I got into trouble with my health, there would be help for me

Oh yes, I did get the help and finally able to receive health care. The cost was everything I had. My home is paid for, and there just isn't enough for property taxes. Why is there no net for the disabled in my situation? Only help there would be in this state, was to accept being paralized, then I would have gotten a break with property tax. No other disability qualifies.

Yes I am venting, sorry to ramble on. I just get so sad over it all. Other
people on this site may have a handle on what our Gov. does and why., all the rules and why they are in place; It still doesn't make it moral or account for the human suffering that is inflicted on a person, who is already in grave danger with their health. Thank you for listening. I am glad I found NT, and support that is here for people in trouble. ginnie:hug:

monetery limits with ssd
 

there are no monetery limits with ssd only with ssdi which as the other poster has mentioned is $2000.00 for a single person and it's a little bit more for a married person....

Gilbert, The income/asset qualification limits go with SSI, there are no such limits with SSDI. The acronym SSD isn't used and tends to confuse matters.

about benefits
 

When I qualified for dissability, I got social security. That was after a hearing. I did not get a big check as I had to quit my career. The check was small enough that I could not have lived anywhere. Therefor I applied for SSDI. Social security dissability income. I was told I could not keep more than 2000, to qualify. So I am indeed confused. This was my lawyer who told me that. ginnie:

The acronyms are absoultely confusing.

Title II of the Social Security Act (starting in 1936 and continually modified) authorized benefit payments for retirement, survivor, and disability. These benefits are both earned and funded by payroll taxes, called FICA or OASDI or Social Security/Medicare (depends on employer). All those benefits are based on the amount of years a person worked and the amount of FICA taxes paid on those earnings. Disability benefits under Social Security are computed the same way as retirement and survivor benefits. Social Security Disability Insurance (SSDI) is a subcategory under Title II. There are no resource limits for any Title II benefit, including SSDI, no restrictions on bank accounts. These benefits can even be subject to income tax, depending upon the other income received.

Title XVI of the Social Security Act (started in 1974) provided for a federal program called Supplemental Security Income (SSI) which pays benefits for people who are disabled, blind or over 65 and who have limited income and resources. SSI payments are in no way based on years a person has worked or taxes paid. Some recipients have never held a single job, never worked. Others have worked but at low wages or sporadically so that the SSDI benefits is not very high and there is no other pension.

These are the two programs, SSDI (T2) and SSI (T16), administered by the Social Security Administration (SSA). Way way too many letter 'S' in these acronyms (IMO) which leads to the confusion.

SSI and SSDI have two things in common. First, both applications are filed for and administered by the Social Security Adminstration so sometimes the same employee works on both applications. Second, both programs use the same definition of disability and require the same medical proof standard. But other than the finding of disability, the program requirements are very different.

ssdi
 

As i mentioned in my previous post there are no monetery limitations with SSDI,only SSI..i hope by me adding the extra I at the end of SSD helps clear up this matter...gil...

to recap and put simply

ssdi=no monetary restrictions
ssi=$2,000 limit on assets excluding home and one car.

ginnie it sounds like you qualified for ssdi and then since that amount was low enough you also qualified for ssi to bring you up to a mininum amount of payment. ssi also qualifies you for medicaid. so its the ssi and medicaid that have income limits not ssdi. if your income went over the limits you would lose the ssi portion but not the ssdi portion of your monthly payment.

Ginny,

When you say you qualified for disability, we are assuming that you mean SSDI. Then you say that check was so small, you applied for SSDI......which you alreay had.

Your story makes more sense if, as ELA has suggested, your SSDI amount was small enough that you also qualified for SSI.

It complicates threads with other poster's questions when you claim that you had to meet asset restrictions for SSDI, because that is just not the way the system works. It is easy to confuse the acronyms. We can all see it happening in many threads on this forum. Your supportive comments to those in pain and desperately waiting for disability help are appreciated by so many here. Keep up the good work ! Know that the corrections on Social Security Administration facts don't diminish your contributions and obvious desire to help others.

will call lawyer
 

Well I sure am confused. will call my lawyer to get a handle on this. What I was told, is different than what I hear now. ginnie