Does selling home affect Social Security disability benefits?

Buying or selling a house would have no effect on Social Security disability benefits (SSDI). However, if you receive Supplemental Security Income (SSI), then proceeds from the sale of your home could potentially make you ineligible for SSI payments at least temporarily.

What happens to my SSI if I get a bunch of money?

Sometimes a supplemental security income (SSI) recipient will become eligible to receive a moderate or large sum of money that could make them ineligible for SSI. If it’s a smaller sum, then “spending down” the money to below the SSI resource limit— another way of saying “Go spend it!”—may be the right solution.

How much money can you have in the bank on SSI disability?

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 the things you own that count toward the resource limit.

Does a house count as an asset for SSI?

Social Security will not usually count your home toward the asset limit for SSI purposes. Fortunately, some assets, like the home you live in, will not be counted when determining your eligibility if you meet certain requirements. This is is called the “home exclusion.”

Do you lose Medicare if you sell your house?

Selling your home will not cause you to lose your Medicare benefits. However, if you have a Medicare plan and move to a new address, you may need to change your plan.

Do you get Medicaid with disability?

Disabled people who are approved for Social Security disability insurance (SSDI) benefits will receive Medicare, and those who are approved for Supplemental Security Income (SSI) will receive Medicaid. There is no waiting period for SSI recipients to receive Medicaid.

Do I have to pay for Medicare on SSDI?

SSDI Recipients If you receive SSDI, you will have to pay for Medicare premiums in most cases. The fact you were approved for SSDI makes you eligible for Medicare earlier than you otherwise would be (at age 65), but it doesn’t pay your premiums.

Does selling a house affect Medicare?

Can you own a house on SSDI?

Social Security does not prohibit an individual from using their disability benefits to buy a house. SSI disability beneficiaries can own the home and land they live on, but other property will be counted as an asset. And to receive SSI, you can’t have over $2,000 in assets (or $3,000 if you’re married).