A representative payee is a person who manages SSI payments on behalf of a beneficiary. This means they can receive cash benefits and have the authority to use the money on the beneficiary’s behalf.
Category: Financial Planning
What Is SSI? Supplemental Security Income (SSI) is a government program that provides monthly benefits (monetary payments and insurance) to people with disabilities or who are over 65 with limited or no income to help them meet their basic needs, like food and shelter. SSI is a federal program, but the states administer it. States have the option of providing additional funds and/or automatic health insurance through Medicaid. To qualify, the person applying must have
I am often asked about Social Security Disability Insurance (SSDI) when I present on Supplemental Security Income (SSI). Most families I speak to will deal with SSI first, so I don’t discuss SSDI other than to tell them it exists. Lately, I have been receiving more questions from parents about SSDI qualification for their adult disabled child when they retire. The Social Security Administration (SSA) can be very complicated and confusing. Although they have different
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And how the government could make it easier There are many barriers for people with a disability and they are not all physical. There is an economic cost to having a disability that needs to be recognized. We expect that individuals with a disability will have higher healthcare costs and needs, but we overlook all the “extra” costs. These costs often force people living with a disability to choose between their independence and their government
The importance of financial planning. If you or a loved one have a disability, then you know protecting assets and planning for financial stability is important. I have written about Special Needs Trusts and their advantages for saving. Another way to save is to open an ABLE account. ABLE accounts have been in the news recently because Congress just passed a bill to raise the age for qualifying from 26 to 46, though it won’t
Supplemental Security Income (SSI) is a federal program that provides income to people 65 and older, blind, disabled, or who have little or no income. If you are an adult with disabilities or have a child with disabilities who will turn 18 soon, understanding how to make sure they qualify for SSI is important. In most states, once you qualify for SSI, you also qualify for Medicaid. They can use Medicaid as a supplement to
And why you may not need to. Nobody wants to think about estate planning. It’s depressing and complicated. Most families have enough stress worrying about their child’s health, education, and childcare issues that they don’t even consider estate planning. In April 2022, CNBC reported that only 33% of Americans have an established plan for their estate. So, it shouldn’t be a shock that families that have children with disabilities have not planned for their child’s