As they grow older, many people are worried that they may not have sufficient monthly income to continue to take care of themselves properly. While many depend on savings accounts and retirement programs, social security is also considered an essential benefit to have in place. It is important to understand who is eligible for social security benefits, and how to apply if they are qualified.
If you are senior citizen seeking additional financial resources month to month, or are not quite a senior but have qualifying medical needs, this information is for you.
The Social Security Act put programs in place to addressed the financial concerns of the elderly or infirm in several ways:
- to provide for the financial and material requirements of individuals and families
- to protect the elderly from spending the totality of their savings on medical issues
- to keep families together whenever possible
- to establish a secure environment for children and minors
Who Qualifies for Social Security Benefits?
Social security is not only for people over 65. People with chronic or severe medical conditions which prevent them from working and earning an income may also qualify for social security benefits. The Social Security Administration (SSA) runs two programs to provide monthly financial assistance to approved individuals.
- Social Security Disability Insurance (SSDI): This program is based on personal work history and number of credits earned
- Supplemental Security Income (SSI): This program is based on need and depends on the individual’s resources and income.
To be accepted into either program, persons must be disabled or handicapped by a condition expected to last at least 12 months; or is expected to end in death.
Social Security Disability Insurance (SSDI)
To be covered by SSDI you must have an adequate number of earned credits. Credits are earned based on annual income. As of 2019, one credit is earned for every $1,360 of income, up to 4 credits annually. Typically, 20 earned credits over the last 10 years are required for benefits. Credits do expire, so it is recommended that you apply for SSDI as soon as possible,
Supplemental Security Income (SSI)
To be covered by SSI, you must meet medical requirements as well as income and resource requirements. An individual cannot possess resources valued at more than $2,000; a couple cannot have resources worth more than $3,000. Income is capped at $1,180 each month in order to qualify for SSI benefits.
Medical-Vocational Allowances
If an individual does not meet the named criteria, they may be approved for disability benefits through the medical-vocational allowance. The medical-vocational allowance utilizes the residual functional capacity (RFC) form, which is completed by a physician or other medical professional. The form designates any restrictions or limitations an individual experiences due to medical conditions.
The RFC evaluates age, educational and work history and skills to establish what type of employment, if any, is possible for that individual. Documentation and medical records, such as test results, surgical notes, physician notes, x-rays and lab results will be required for a successful application.
If you are interested in applying for disability benefits, start your application online, call 1-800-772-1213, or schedule an appointment at your local SSA office.
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