I’ve heard from people who get disability that you can only have 2000 dollars of savings in your account at once or they’ll ask you to repay or suspend you’re disability payments. Is this true? I’ve had far more than this in my account and nobody said anything. Do you know anything about this?
No, I doubt thats true. My back payment for disability was significantly more than that and it’s sitting in my savings. As a matter of fact I have more than that in my checking acct. I have serious doubts that that is true.
Plus, I’ve never had them inform me of any such rule.
That’s for SSI, not SSDI
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That’s what I was thinking, a SSI rule. I know to get Medicaid for a nursing home, you have to spend down to less than $2000.00.
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Yes I get medicaid and it’s $1500.
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Yup. I learned all about it before I got my SSDI and needed Medicaid. The rule applies to receiving SSI, Medicaid, and cash assistance and food stamps (bridge card).
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Right now I’m on SSDI. I get a $200.00 a month pension from a bank I worked for before the SzA when I turn 65.
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I know that even if you have over a certain amount, you can put it in an ABLE account and it doesn’t count towards your limit.
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You can always call the national phone number for Social Security and see what the rules are for assets.
It’s 800-772-1213.
Common sense is that if you are collecting SSDI every month they’re not going to allow someone to have a large sum of money in the bank.
I don’t know offhand what the cutoff point is for having money in the bank or cash on hand but just to pick a number out of thin air, you can’t have $10,000 dollars in the bank or cash on hand and still get SSDI. I just made that number up, it could be $2000, $5000 or $6000 or some other figure. IP
Incidentally, a car is not counted as assets. You can have a car and not get penalized for it.
Generally, the rule for programs like Medicaid or maybe if you’re collecting Social Security, require you to notify them of any changes. Stuff like if you move, or you get a job or lose a job, or you buy or sell or get rid of a car, if you get a large sum of money from somewhere,
etc.
Calling the national number is kind of a hassle; you could be on hold for an hour or more sometimes but they can answer most questions about SSI or SSDI. But yeah, common sense tells you they don’t want to be sending you monthly checks if you have s large sum of money in the bank or a large amount of cash in your home.
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I think your wrong on that Nick. I got a large lump sum because they refused my first disability claim and I went along time with no income. I have had no one inform me that they were going to suspend my disability payments because of it. And they obviously know I have it because they are the ones who gave it to me!
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Actually, I got a back payment for $11,000 years ago from Social Security. Not only could I spend it any way I want but they still paid me my monthly check! I did not have to spend down.
I may be wrong about what I said, or I may be right. When I got reviewed three months ago they wanted copies of my bank statements. I seem to remember that they were looking to make sure I didn’t have too much money. It may have to do with the fact that our lump sums were from Social Security themselves, @Bowens.
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