Can Social Security Supplemental Income Be a Part of Your Future Plans?
Social Security Supplemental Income and whose official term is Supplemental Security Income or SSI is an income supplement program established and supported by the federal government. If you are aged or disabled then SSI might just be able to help you out with cash provisions for your basic needs.
The Difference between Social Security and SSI
Social security supplemental income does not offer the same benefits that Social Security provides. Neither is it based on the same factors. While social security takes your employment and those of your family members into account, SSI are more focused on determining the extent of your need for them.
The source of funds for both SSI and social security is also different. While social security draws its own money or taxes being paid for it ñ from the Federal Insurance Contributions Act, SSI rely more on the general taxes paid by the public.
Eligibility for SSI
Besides being either disabled or sixty-five years or older, a person applying for SSI must also possess limited income and resources, is a US citizen, national, or someone whose nationality falls in one of the prescribed categories by Social System, able to stay in the country for at least over thirty days, and amenable to applying for any other kind of aid that the individual may be entitled to.
SS has also listed highly specified rules regarding which blind individuals are eligible for the benefits provided by social security implementation income. Disabled people can also be considered to receive SSI if he has any medically confirmed physical or mental condition that prevents the person from resuming the most normal of lives.
Who Isn't Eligible for Social Security Supplemental Income?
Of course, not everyone may avail of the SS. If you're a fugitive, you definitely wonít be able to ask help from social security. You may not also rely on the income coming from SSI if you are in jail, give away resources you hardly see, don't qualify for the alien status requirements, are already an SSI beneficiary but hasn't been able to stay in the US for the allotted time period.
What is Limited Income?
Limited income is important for applicants asking for SSI. The approval of your application depends on the amount of income you're earning and from what source.
SSI and Resources
People from Social Security also take your resources or assets in consideration. These include but are not limited to cash, real estate, stocks, and insurance. If you choose to sell off resources that got you into financial trouble in the first place, Social Security may still be able to support you ñ provided, of course, that you sign a conditional benefits agreement. In this contract, you are legally able to receive SSI benefits even while you're still selling off your resources. This is referred to as a conditional benefit.
Afterwards, when you've already sold off your resources, you are legally compelled to pay back whatever amount you've accumulated in the past.
Now, don't imagine that you can just sell anything for any price right away. Social Security also makes it clear that you can be made ineligible if you sell off resources for less than what they're worth or when you give them away.
There are more things to know about social security supplemental income so itís best that you visit the nearest Social Security office near you and learn about your choices.
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