Benefits and settlements

[feisty]

I know it's been mentioned before, but what is the deal about lump sums of cash (ie settlements) affecting Medical and Social Security benefits?

What are the things you have to avoid, like I know you have to be careful with investments, but can cars not be in your name either and stuff like that?

<--- Not very good with money issues...

[SoulScream]

From what I remember you can have one car. If you get paid over what your allowed to save ($1000 in savings?) then your SSDI check gets reduced for that month and every subsequent month until the large payment is gone or stashed away. I got a small settlement from my accident and you can have it in an annuity or a trust fund without it affecting your benefits. As an example I had my trust use the money as a down payment on a house for me. Also I think you can save a pretty large chunk of money without it affecting your benefits if it's for a house down payment. I also had an annuity for awhile, I couldn't use the money till the time expired on it so the money wasn't held against me.

[cass]

SSDI is NOT affected by assets or income of any kind.

Soulscream must be referring to SSI.

Feisty, which are you asking about, SSI or SSDI?

[feisty]

Social Security

[sjean423]

social security disability income

or

supplemental security income Social Security Disability Insurance pays benefits to you and certain members of your family if you are "insured," meaning that you worked long enough and paid Social Security taxes.

Supplemental Security Income pays benefits based on financial need.http://www.ssa.gov/disability/

Both are social security, and both can benefit people who are disabled, but they have different rules.

[jody]

I got 19,000, and they said they didnt want to know about it. that it was a one time wind fall and I had a lifetime of poverty to follow. I paid debts and stashed the rest. years later I still think about what I might do with it today, but no regrets. I gave some to a trusty relative to put away, and that was last I saw of that, so be careful about having it in someone elses account.

[feisty]

social security disability income

or

supplemental security income http://www.ssa.gov/disability/

Both are social security, and both can benefit people who are disabled, but they have different rules.


maybe SSI then?

[sjean423]

How long had you been working, and paying fica out of your paycheck, before you were injured?

[cass]

feisty, call ssa and see if you are on SSDI or SSI. if you are as young as i think, it is SSI, and yes, you are restricted in income and assets.

please find out which you are on.

[november]

feisty, call ssa and see if you are on SSDI or SSI. if you are as young as i think, it is SSI, and yes, you are restricted in income and assets.

please find out which you are on.
I was injured one month after I turned 20 and still worked enough quarters before that to qualify for SSDI.

Feisty just look at the checks you receive or if you have direct deposit see where the money is coming from. It will say Social Security Disability Insurance or Supplemental Security Income.

[feisty]

I searched here and found the answers I was looking for... thx guys. xoxoxo

[cass]

good luck, feisty!