Supplemental Security Income & Medicaid Planning / Social Security Disability Insurance & Medicare Planning
The landscape of public benefits can be complex and difficult to navigate alone. There are needs-based welfare programs and benefits derived from sufficient work history.
Supplemental Security Income (SSI) is a nationalized state welfare program administered by the Social Security Administration. SSI provides modest financial assistance to an individual every month. Eligibility for SSI qualifies an individual for Medicaid services, which includes payment for medical services, in-home care and long term care. To be eligible for SSI a person must have limited resources and income, unable to engage in substantial gainful activity and be disabled.
Financial planning for projected long term care assistance through Medicaid can be challenging and differs if a person is single or if they are married. For example, if resources are transferred without receiving fair market value eligibility for long term care assistance may be denied or delayed.
Social Security Disability Insurance (SSDI) is based upon a person’s work record or parent’s work record and provides a monthly financial benefit. If a person has been receiving SSDI for at least 24 months from the date of entitlement then they become eligible for Medicare. Medicare benefits are also available to an individual that is of retirement age (65 years or older depending on birthdate) and that has worked for at least 10 years in Medicare-covered employment.