People with disabilities in West Virginia who are receiving Supplemental Security Income may be worried about how they can save money without losing eligibility for the programs they depend on for ongoing monthly expenses. One such vehicle that can be used is a STABLE account, a specific type of investment account available for people with disabilities under the provisions of the Achieving a Better Life Experience (ABLE) Act. These types of accounts are similar to other investment accounts like a 401(k) for retirement or a 529 for college savings. People with disabilities can use the contents of the account tax-free for expenses associated with their disabilities.
Many West Virginia residents apply for Social Security benefits when they find that they are no longer able to work due to a disability. Across the country, the rising costs of owning or renting a home are outpacing the government benefits received by disabled individuals.
West Virginia residents that want to apply for Supplemental Security Income should be aware of how their resources factor into their eligibility for the benefits. The countable resource limit for an individual is $2,000. For couples, their total countable resources should not exceed $3,000.
Social Security recipients in West Virginia may periodically see their accounts undergo redetermination. This process involves a reassessment of income, assets and living arrangements to determine that individuals still qualify for Supplemental Security Income, or SSI, and if the benefit amounts they are receiving are accurate. For SSI recipients who are married or are classified as a disabled child residing with parents, the earnings, living arrangements and possessions of spouses and parents are also reviewed.
When people think about Social Security benefits, they often think about retirement benefits. These benefits are funded through payroll taxes.
The Social Security Administration oversees the Supplemental Security Income program, which provides cash benefits to low-income individuals who are elderly or disabled. The SSA frequently makes decisions regarding who was entitled to receive benefits, the amount of those benefits and, in some cases, whether the people have been overpaid benefits that they now must repay. West Virginia residents who apply for or receive benefits may at times disagree with the SSA's decisions.
Residents in West Virginia and other states who are unable to work because of a disability or because they are at retirement age can sometimes file for Supplemental Security Income, or SSI. There are a few requirements that one needs to know about before applying. A person can complete an application online or at a local Social Security office.