How does SSI calculate the value of my assets?

To be eligible for SSI benefits a claimant can have no more than $2,000 in assets. If married that applicant is limited to $3,000 in assets.

The Social Security Administration counts the following as assets:

• Cash;
• Money in checking or savings account;
• Cash value in life insurance policies, over $1,500;
• Stocks and bonds;
• Household goods and personal effects over $2,000;
• Motor vehicles, except for one;
• Real estate, other than the home in which the claimant resides.

What does not count as an asset:

• The claimant’s primary home;
• The claimant’s car. One car is excluded completely if it is needed for transportation. Any other vehicles will count as an asset, in the amount of that car’s value over $4,500. For example, a second car that is valued at $4,000 will not count as an asset, as it is not valued over $4,500. A car valued at $10,000 will be considered as an asset of $5,500 (4,500 subtracted from 10,000);
• Wedding rings;
• Support payments, including state or local relocation assistance payments, crime victim’s assistance, earned income tax credit payments, grant, scholarships, among others;
• Burial savings;
• Savings in an individual development account;
• Income set aside for an SSI “plan for achieving self-support (PASS Plan).”