What Can You Buy With Ssi Money

You've won your SSI instance! Now what? In that location are specific rules that Social Security Administration has in identify that affects how you lot tin spend SSI coin.

Spending Your SSI Benefits

If you are a direct recipient of SSI benefits, technically at that place is no limit to what you can use the coin for. Simply information technology is important to watch how your spending affects your resources and income.

The Social Security Assistants has a resource limit. This means if you accept too much money or have besides many resources, you will no longer qualify for SSI benefits. The Social Security Administration keeps rail of your resources by looking at the "countable resources" of each SSI recipient. Countable resources are things that yous own, similar money, property, stocks, and bank accounts.

To stay eligible for SSI benefits, your countable resources must not exceed $2,000 if you are single or $3,000 if you are married. Every bit a issue, you lot must monitor what you lot purchase to ensure that the items you purchase do not increase your assets and resources past the countable resources limit. Yous besides must monitor what coin you save as this could as well issue in savings that could laissez passer the resource limit.

Go on in mind, some purchases are "exempt resource" that practice not count toward the $two,000/$iii,000 resources limit. These exempt resources include household goods, personal effects, items required because of a concrete or mental impairment, ane home, and one auto. To accept a full await at all of the resources that practise not count for SSI, bank check out Social Security'due south website hither.

Spending SSI Benefits as a Representative Payee

More than than 8 million people who get SSI benefits demand aid to manage their money. In these cases, Social Security volition appoint a relative or friend to deed as the "representative payee." If you agree to serve as a representative payee, you have to follow the Social Security Administration'due south rules.

First, you must take intendance of the day-to-day needs of the SSI beneficiary, including needs for their food and shelter. Then, you lot can use the money for medical and dental care that's non covered by health insurance. You tin likewise pay for personal needs, like wear and recreation.

Spending a Large Payment of Past-Due Benefits

In some cases, Social Security will pay the SSI beneficiaries past-due benefits all at one time in a lump sum payment.

If yous receive a lump-sum payment as an SSI beneficiary, you must spend down the money below the SSI countable resources limits. Goods and services must be purchased in the same calendar calendar month in which the lump sum is received.

If you are a representative payee and the SSI beneficiary receives a lump sum payment, you must outset spend the money on the current needs of the SSI beneficiaries, including rent, nutrient, or furnishings. After paying for those expenses, you tin spend the lump sum payment to improve the SSI beneficiaries living conditions or spend the coin on medical care.

If you are a casher who merely won your SSI example or y'all are a representative payee, make sure y'all are aware of how your spending can touch on SSI benefits. The rules surrounding SSI spending can be complex. If you lot are unsure of your benefits eligibility, consult with the LaPorte Law Firm. Nosotros are here to respond all of your questions nigh SSI.

Source: https://www.laportelawfirm.com/blog/spend-ssi-benefits/

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