Understanding SSI -- SSI Spotlight on Resources (2024)

FAQs

What does SSI consider countable resources? ›

A “resource” for purposes of SSI eligibility is cash money, or some item that you can turn into cash money. Bank accounts, some life insurance, stocks, bonds, and property are all resources.

WHEN DO WE CONDUCT A REDETERMINATION? We redetermine eligibility and benefit amounts of most recipients once every 1 to 6 years.

Resource refers to all the materials available in our environment which are technologically accessible, economically feasible and culturally sustainable and help us to satisfy our needs and wants.

The eAFI process uses the eAFI subsystem in the SSI Claims system and the e4641 website to automatically request and view bank account balance data to help reduce payment errors related to financial accounts. Electronic verification is the preferred method to verify checking and savings accounts.

Supplemental Security Income (SSI) is a needs-based program. To get SSI, your countable resources must not be worth more than $2,000 for an individual or $3,000 for a couple. We call this the resource limit.

Countable resources are any assets or personal property included within a cap for receiving welfare aid from the government. The term usually refers to some kind of resource like jewelry that requires being sold before being used as income.

Generally, things that don't count toward your resource limit include: Your home and the land it's on, as long as you live there. 1 vehicle per household. Most personal belongings and household goods.

We conduct up to 10 geographic searches per individual for each review. We use AFI to verify financial accounts during the SSI application process, as well as when we conduct periodic redeterminations of continued eligibility, thereby detecting excess resources and deterring reoccurrence.

For those receiving Supplemental Security Income (SSI), the short answer is yes, the Social Security Administration (SSA) can check your bank accounts because you have to give them permission to do so.

A resource can be any kind of asset that helps complete a task. There are seven main types of resources in project management: services, labor, equipment, materials, money, time, and space. Each type has its own unique characteristics and must be effectively managed to ensure a successful project.

What are the 7 main resources? ›

Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods.

Money. It is not a resource since it is not directly involved in the production of services and commodities.

Rule. The requirement that financial institutions verify and record the identity of each cash purchaser of money orders and bank, cashier's, and traveler's checks in excess of $3,000. 40 Recommendations A set of guidelines issued by the FATF to assist countries in the fight against money. laundering.

The Social Security Administration can only check your bank accounts if you have allowed them to do so. For those receiving Supplemental Security Income (SSI), the SSA can check your bank account because they were given permission.

Social Security will take into consideration the amount of your assets, because it is a needs-based program. To be eligible for SSI, your assets must be less than $2,000 for an individual and less than $3,000 for a married couple.

In-kind support and maintenance is food, shelter, or both that somebody else provides for you. We count in-kind support and maintenance as income when we figure the amount of your SSI. For example, if someone helps pay for your rent, mortgage, food, or utilities, we reduce the amount of your SSI.

Countable income includes earned and unearned income, as well as the value of any “in-kind support and maintenance” provided to the individual (examples: payment by a family member or a trust for food, utilities or rent; a parent providing free room and board), subject to certain limits.

Exclude retirement funds from countable resources until retirement age. Attribute retirement funds as income over the life of the SSI applicant's entitlement, regardless of whether the accounts are withdrawn or annuitized.