SSI Benefits at Risk: Factors That Can Lead to Social Security Income Loss

ssi-benefits-at-risk-factors-that-can-lead-to-social-security-income-loss

Numerous individuals receive SSI Benefits as part of the Supplemental Security Income (SSI) program in the United States. This is a program that sends periodic payments to those with a disability or blindness who are low-income or otherwise resource-constrained. However, many SSI beneficiaries are concerned about the possibility of losing their benefits in the future.

How simple is it to forfeit SSI benefits?

The good news is that most people shouldn’t have to fret about losing their SSI benefits, as these are only revoked in extreme situations or if major life changes occur. However, it is still important to be aware of the circumstances in which you may forfeit or have your SSI benefits reduced.

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Common Reasons for Losing SSI Benefits 

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There are several eligibility requirements that must be met in order to continue receiving SSI benefits every month. It is possible to forfeit your SSI benefits:

If you are no longer considered to have the disability that initially qualified you for benefits.

If your earnings exceed the SGA threshold.

If you accumulate over $2,000 in assets, you are considered wealthy.

If you are imprisoned for more than 30 days due to a criminal conviction, you can reclaim your benefits upon release.

If you are hospitalized for more than 30 days, you can reclaim your benefits upon discharge.

Given that you cannot receive Social Security disability benefits and retirement benefits at the same time, your disability benefits will end once you reach retirement age.

Reinstating SSI Benefits

If you lose your SSI benefits for one of the above reasons, you may be able to reinstate them in the future if your circumstances change. This process is known as “benefit reinstatement.”

Benefit reinstatements are the resumption of SSI benefits following a suspension because the recipient has regained eligibility, stated by the government.

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Source: Marca

 

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