Meds, Mind, Body & Benefits > Insurance, Benefits Programs & HIV

Inheritance & Benefits

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Schnauzer:
SSDI (Social Security Disability Insurance) is based entirely on the extent that your disability affects your ability to work and earn money, and, therefore, has nothing to do with your financial resources, e.g. home ownership, car ownership, pensions, 401k, savings accounts, etc. 

If you receive Medicare, which most people on SSDI do, your available resources will affect your eligibility for "special help" with Plan D (prescription drug plan) and (maybe) the premium on Part B (medical insurance), but not the premium on Part A (hospital insurance).

For example, if you received a substantial inheritance your SSDI will not be affected, but your premiums for Medicare Part B and Part D as well as your prescription drug co-pay may increase.

The SSA/Medicare is very good at "front-end" investigation. It is very likely to find out if you have a sudden increase in financial resources.  The agency does frequent audits on recipients of SSI and Medicare assistance programs. So there is no point in hoping a surge in (traceable) financial resources will go unnoticed. Get ahead of the game and notify the SSA if your resources substantially change.

Hope this helps.

bocker3:

--- Quote from: Schnauzer on July 27, 2013, 01:19:16 PM ---For example, if you received a substantial inheritance your SSDI will not be affected, but your premiums for Medicare Part B and Part D as well as your prescription drug co-pay may increase.

--- End quote ---

Really??? it is that "wide open" on inheriting money?  So, if someone on SSDI inherits $10 million dollars, they will continue to receive cash from the government??  I would think there should be some allowance for an inheritance of modest size, but seems crazy to me if it really is completely divorced from amount received.

Mike 

Schnauzer:
SSDI is based on the wages you've earned over the course of your working life, just as Social Security retirement is.  Most wage earners in the US pay 12.4% of their paycheck as a Social Security Tax (more exactly - a wage earner pays 6.2% from their paycheck and his/her employer pays the other 6.2%).

Neither SSDI nor SS is "money from the government" (at least not in the sense that "money from the government" implies free cash.)

bocker3:

--- Quote from: Schnauzer on July 27, 2013, 09:56:39 PM ---SSDI is based on the wages you've earned over the course of your working life, just as Social Security retirement is.  Most wage earners in the US pay 12.4% of their paycheck as a Social Security Tax (more exactly - a wage earner pays 6.2% from their paycheck and his/her employer pays the other 6.2%).

Neither SSDI nor SS is "money from the government" (at least not in the sense that "money from the government" implies free cash.)

--- End quote ---
I get what you are saying, but SSDI is different, in that most folks will not put a claim in for it.  So, even leaving the issue of it is cash from the gov't or not..... There IS a difference between them (else the rules would be the same).  If SSDI is to replace wages and you inherit enough to live better than the folks who are currently paying the tax from wages, well......  Logic should kick in here, but our gov't rarely runs on logic.  Small changes like that would do so much to ensure this money is available for those who really do need it.

To be clear.....  I am NOT talking about modest inheritances that do not set one up for life.  I am simply saying that there SHOULD be common sense limitations where it makes sense.

Mike

mitch777:

--- Quote from: bocker3 on July 27, 2013, 08:50:44 PM ---Really??? it is that "wide open" on inheriting money?  So, if someone on SSDI inherits $10 million dollars, they will continue to receive cash from the government??  I would think there should be some allowance for an inheritance of modest size, but seems crazy to me if it really is completely divorced from amount received.

Mike

--- End quote ---
That's the way it works. Actually, if you are a self made billionaire (without an inheritance) you are still entitled to these benefits. No wonder the system is going broke. Some wealthier folk claim that they should get the benefits as they have paid into the system like everyone else. I believe some means testing is needed. Why in the heck would someone making a million dollars a year need extra 20 grand or whatever from the federal government. SS means Social Security after all doesn't it?

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