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Old 05-02-2013, 05:13 PM   #1
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Fibromyalgia and your SSDI award

Just wondering if your SSDI award is lessened if you have savings? I heard from a lady that the government checks to see if you have assets and if you have too much that they will not grant you your award.

Any experience or information on this?

 
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Old 05-02-2013, 05:56 PM   #2
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Re: Fibromyalgia and your SSDI award

I have not heard this; the only things I'm aware of are that assets determine eligibility for SSI (monthly assistance provided during the SSDI process and paid back after a favorable decision once your benefits begin and any back pay awarded) and after the fact SSDI awarded, assets determine the amount you pay for Medicare Part B. Also if say you have no income and no health insurance during the length of the SSDI determination process, assets determine whether you were eligible for state funded programs such as Medicaid, Food Stamps, etc.

Without saying there is the IRS to deal with (annually); seek a good tax attorney or financial planner once your benefits start.

There may be other things I am not aware of; these were just the things I encountered.

 
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Old 05-02-2013, 06:09 PM   #3
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Re: Fibromyalgia and your SSDI award

I still have some of my long term investment money to live on, so thankfully, I have not gone down the road of SSI. I have heard that you have to be ONE STEP away from being homeless to get it anyway.

 
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Old 05-03-2013, 10:59 AM   #4
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Re: Fibromyalgia and your SSDI award

Quote:
Originally Posted by mysusan58 View Post
I still have some of my long term investment money to live on, so thankfully, I have not gone down the road of SSI. I have heard that you have to be ONE STEP away from being homeless to get it anyway.
As far as ssdi you can have a million dollars in your bank account, ssdi is based off on how much FICA taxes you paid. Ssi is the one that you can only have so much assets because it is like welfare it's taxpayer money.

 
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