Assets are defined as the resources you own, including cash, money in checking or savings, cash surrender value, stocks and bonds, cars, and real estate. Under Supplemental Security Income (SSI), individuals cannot exceed an asset cap of $2,000, while married couples have a cap of $3,000.
Overview and Current Status
- Established in 1972: The SSI program was signed into law by Richard Nixon to support older Americans and people with disabilities.
- Unchanged Limits: The caps have not been adjusted since 1984, despite inflation and rising living costs
- Outdated and Harmful: Originally established for eligibility purposes, these caps cause economic hardship for people with disabilities.
Impact of Removing the Asset Caps
- Financial Security and Home Ownership: Allows people with disabilities to save, achieve financial security, and buy homes without losing benefits.
- Work Incentive: Encourages employment by removing the fear of losing health insurance
- Purpose Fulfilled: Aligns SSI with its original intent by enabling disabled individuals to live fulfilling lives.
- Empowerment: Provides financial security and ensures continued medical coverage.
Learn more about the SSI Savings Penalty Elimination Act currently being discussed in the House and Senate and how you can take action to help make an impact.
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