SSI and Your Financial Account Balances: Ignore Them and Lose Out!
Updated: Jan 16
Note: This article/video is for general information only and is not legal advice to any particular reader or individual. For legal advice, you must specifically retain a lawyer who evaluates your specific situation.
OK, so you filed your SSI claim. Great! Did you notice how many financial questions are on there - most of it! That is because SSI, being welfare, requires a level of poorness. The SSA must find out initially if it appears you may be poor enough to meet that criteria. If you are, it will then allow the claim to be taken and moved on for medical development of the issue of medically disabled as defined by the SSA laws.
The SSI application concerns a lot about your finances, both income and, like bank accounts, on a month by month basis. This is different from SSD, for which it is irrelevent if you are poor or rich, to claim your insurance benefits. SSI is welfare, not insurance, so it matters. You must be clear about all financial accounts and do not forget any that may be sitting there from past better days. And yes, money you have or receive in a PayPal or other platform account is a resource to you! The SSA will learn of it and you do not want to pay the price for not disclosing it and for not spending it down.
If you don't remember an account, and it puts your financial picture above your $2000 resources limit (if you are single, $3000 if married), all the months you fought for your SSI claim will not result in the paymentsof back benefits to you. Moreover, if you do not correct it, you will also not get future benefits owed to you.
This is CRITICAL information: take a listen.
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