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Asset Development Summit

Asset Development Summit. Social Security Disability Benefits & Asset Development Opportunities. True or False?. SSI stands for Social Security Income SSDI stands for Social Security Disability Insurance I have to keep $1 of SSI to keep Medicaid.

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Asset Development Summit

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  1. Asset Development Summit Social Security Disability Benefits & Asset Development Opportunities

  2. True or False? • SSI stands for Social Security Income • SSDI stands for Social Security Disability Insurance • I have to keep $1 of SSI to keep Medicaid • SSI & SSDI treat earned and unearned income the same • I cannot own a home if I am on SSI • I can only have $2000 in resources if I am on SSDI

  3. www.socialsecurity.gov • My Social Security • Retirement • Disability • Survivors • SSI (Supplemental Security Income)

  4. No Limit on Resources SSA ADMINISTERS BOTH PROGRAMS SSDI = Disability Income Insurance Insured Status through FICA contributions Takes three forms Disabled Worker Disabled Adult Child or Childhood Disability Beneficiary Disabled Widow/er

  5. Supplemental Security Income • Money comes from the Federal Treasury • Means-Tested – limited income & resources • Countable resources cannot exceed $2000

  6. SSI & Medicaid Resource Limits • Individual’s COUNTABLE resources must not exceed $2000 as of the first day of a given month • Eligible couple’s COUNTABLE resources must not exceed $3000 as of the first day of a given month

  7. Common Resource Exclusions • One automobile per household • Some burial funds, burial spaces and life insurance assigned to funeral provider • Property essential to self-support (PESS) • Resources held by a Special Needs Trust • Household goods and personal effects • Medical devices and adaptive equipment • Term life insurance policy or cash value policy if OWNED by someone else • Home in which beneficiary lives

  8. What is a Special or Supplemental Needs Trust? • Contains specific language which protects person’s eligibility for government benefits, particularly SSI/Medicaid • First Party – person’s money, e.g., inheritance, settlement, income • Third Party – someone else’s money, usually a family member & typically left to SNT upon family member’s death

  9. Special Needs Pooled Trust Options • Life Plan of Kentucky, Inc. • Midwest Special Needs Trust • Multiple sub-accounts • Third Party or First Party Sub-accounts • Fee to open and management fees

  10. *are Means-Tested Other Federal & State Programs (not an exhaustive list) Funded by Medicaid Home & Community-Based Waiver Michelle P Waiver Supports for Community Living Waiver (SCL) Acquired Brain Injury Waiver Rehabilitative Long-Term Care Personal Care Attendant Program Hart Supported Living Traumatic Brain Injury Trust Fund TANF (Temporary Assistance to Needy Families)* SNAP (Supplemental Nutrition Assistance Program)*

  11. Share of Cost/Patient Liability – Categories with Exempt or Deemed Status • Exempt: Those currently receiving SSI • “Otherwise Medicaid Eligible” • Childhood Disability Beneficiary (CDB) aka Disabled Adult Child (DAC) – Section 1536(c) otherwise known as Pass-Through • Pickle person • Section 1619(b) • Disabled Widow Beneficiary (DWB)

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