My father passed away, leaving me his beneficiary for a lump sum insurance payment. I have been researching the Social Security website, and others, but I get confused with all the laws and rules and sub-rules. I currently receive SSD, Medicare, and Medicaid, and I also am on Section 8 for subsidized housing. Does anyone know if this income must be reported, and if it will adversely affect any of my benefits?
Re: Will This Affect my SSD, Section 8, or Medicare?
No it should not affect your SSD. Now if you got SSI, yes, that would be a problem. SSI is based on your income, so the insurance money from your father would have to counted towards your income. With SSD, this is what you paid into while you were working. However, if you are on section 8, the additional income may hurt your housing.
Hope this helped, good luck to you.