The Social Security Administration introduced SSDI in 1991 as an act of kindness for the disabled citizens of the United States. Social Security Disability insurance is a federal insurance program that provides income to people whose physical disabilities have eliminated their chances of being employed.
The benefits that these disabled persons receive are funded by the social security taxes paid by Americans. Depending on the health condition of the beneficiary, these social security benefits may be permanent or temporal.
There is a social security benefits program called SSI. This program is often confused with the SSDI. Unlike SSDI, SSI (Supplemental Security Income) has strict eligibility and depends on the beneficiary’s financial needs.
SSDI can be compared to health insurance, but it is insurance organized by the government for disabled citizens. On the other hand, SSI can be compared to the government’s help for the disabled. That is why meeting the health and financial criteria designated by SSA is a must for citizens that are eligible for SSI benefits. And the eligibility of a beneficiary of SSDI is unaffected by their income and resources.
How much money can one have in the bank on SSDI
The SSDI can be understood by comparing it to a health insurance company. When one enrolls in health insurance, he or she pays the insurance company weekly, monthly or yearly payments. And if a disaster happens, the insurance company will pay his/her bills without any questions.
While the beneficiary is working, he or she pays into SSDI, and becomes “insured.” He/she becomes a full SSDI beneficiary only if his/her ability to work is crippled. So the answer to the question, “how much money can you have in the bank on SSDI” is – it doesn’t really matter because it doesn’t affect your eligibility for SSA benefits. So you can have $50 or $1000 or more.
But one needs to remember that there is an income and resources limit for a disabled person who wants to receive SSI. To be able to benefit from it, you have to show proof or meet the SSA criteria. SSI depends on a disabled person’s financial needs and is an asset-based program.
You can learn all that is needed to be an SSI beneficiary by visiting the SSA official website.
Note that a beneficiary of SSI should not have more than $2000 in cash and assets as a single person or $3000 as a couple. The criteria don’t include a disabled person’s house or car. You can check more info about these restrictions on the SSA website. So the amount of money one has in the bank will not prevent them from being an SSDI beneficiary, but it does matter when it comes to SSI benefits.