Spending SSI Benefits
If you successfully accepted your application for Social Security disability benefits, you may be confused about the next step. The spending of your SSI benefits is subjected to certain rules and regulations by the Social Security Administration. Make sure to consult Pekas Smith: Arizona Disability Attorneys for more info.
If you are a direct receiver of Social Security benefits, there are generally no limitations to using the money. However, checking how expenditures affect your income and resources is essential.
1. Resource limit
The Social Security Administration limits the resources. This implies that if the receiver of Social Security benefits has too many resources for generating income or money, they will not be eligible for the benefits. The SSA tracks down all the resources held by receivers. These are known as countable resources. This includes the amount of money, properties, stocks, and bank accounts under the social security recipient's ownership.
Suppose you want to stay qualified for receiving Social Security income benefits. In that case, the comfortable resources you hold should not be over $2000 for the bachelor and over $3000 in the case of married recipients. The receivers are required to tag down their purchases to make sure that the things bought by them do not cause an increment in their assets and other resources. The main aim is to keep them under the accountable resources limit to fulfill the eligibility criteria. Along with that, they are also suggested to keep a check on their savings as they are counted while assessing the recipient's resources. They must be under the limit as well.
2. Exempt resources
It must be noted that some of the items bought by the recipients are exempted from being counted as one of the resources. They are not included in the limit decided by SSA. These items include household purchases, one house, one car, Devices used by physically or mentally impaired individuals, and other necessary expenditures. For these items, the recipient can spend more than the 2000/$3000 limit. It helps to ensure that the recipient's health is in proper condition and the treatment is not hindered because of the limit. If you are willing to get an idea about other resources that are not considered in the countable resources, make sure to ask an attorney. Many important information can also be found on the Social Security administration‘s official site. Go through it to be aware of all the complications and advantages provided to the receivers of Social Security benefits