Do I have to pay back SSI if I get an inheritance?
In general, inheritance money will only have an effect if you receive Supplemental Security Income (SSI), but will not if you are receiving Disability Insurance Benefits (SSDI). If you receive Supplemental Security Income (SSI), then you likely will have your benefits cut or potentially eliminated.
How can I accept an inheritance without losing my SSI?
Fortunately, there is a simple way to accept an inheritance without risking loss of SSI benefits. By setting up a special needs trust and depositing the inheritance into it, the beneficiary can continue to receive SSI while also getting the benefit of the inheritance.
How does an inheritance affect my SSI and Medicare?
As an initial matter, you are correct that your inheritance may affect your eligibility for SSI/SSDI and/or Medi- Cal/Medicare. As a recipient of government benefits, you may not have more than $2,000 in assets before your eligibility for government benefits will be affected.
What happens when a Medicaid recipient receives an inheritance?
What Happens When a Medicaid Recipient Receives an Inheritance? Within 10 days of receiving an inheritance, each Medicaid recipient is obligated to report the change in circumstance to the Social Security Administration and Department of Children and Families along with an explanation of what happened to the inherited funds or assets.
Can you get Medi-Cal If you have inheritance?
correct that your inheritance may affect your eligibility for SSI/SSDI and/or Medi- Cal/Medicare. As a recipient of government benefits, you may not have more than $2,000 in
How does receiving an inheritance affect your Medicaid eligibility?
Therefore, the receipt of an inheritance could cause you to have greater financial means than Medicaid allows for eligibility purposes, and hence, result in Medicaid disqualification. In the month in which the inheritance is received, Medicaid will view it as unearned income (income that one does not have to work for to receive).
Fortunately, there is a simple way to accept an inheritance without risking loss of SSI benefits. By setting up a special needs trust and depositing the inheritance into it, the beneficiary can continue to receive SSI while also getting the benefit of the inheritance.
How does an inheritance affect Social Security disability?
However, receiving an inheritance most likely won’t affect your ability to receive Social Security Disability. If you are receiving Social Security through retirement benefits, you will likely not be affected by measures governing inheritances, and the same is true for receiving Social Security Disability and inheritance.
When to report an inheritance to Social Security?
Within 10 days of receiving an inheritance, each Medicaid recipient is obligated to report the change in circumstance to the Social Security Administration and Department of Children and Families along with an explanation of what happened to the inherited funds or assets.