Social Security and Medicare are the most commonly known government programs for the elderly. However, they’re not the only ones and it is a good idea to be aware of all of of the resources that are out there to assist people who have reached an advanced age. With this in mind, we would like to take a look at Supplemental Security Income or SSI.
To be able to qualify for Social Security you have to have paid a certain amount into it throughout your life. Many people are surprised to hear that even if you did not earn enough to qualify for Social Security benefits you can still receive a monthly payment from the Social Security Administration via SSI. This benefit is available to people who have reached the age of 65 and above, and it is also offered to those who are disabled as well as blind individuals.
At the present time the maximum monthly Supplemental Security Income payment is $674 for a single individual, and $1010 for a couple who are both eligible. There is a resource limit of $2000, and this means that anyone who has more than $2000 in assets does not qualify for SSI. But, certain property does not count against this number, including your home and your vehicle.
In addition to this federal SSI benefit, a number of states also provide supplemental income above and beyond federal SSI.
Though the payouts are minimal, this program is designed to be a bare-bones safety net for people who need the assistance. Plus, one of the reasons why many people apply for SSI is because SSI recipients automatically qualify for Medicaid. Unlike Medicare, Medicaid pays for assisted-living facility and nursing home costs, and these costs can be extraordinary.
To learn more about SSI, Medicaid, and other programs intended for the well-being of senior citizens, arrange for a consultation with an experienced elder law attorney.