The acronyms that are used to describe government programs can be confusing because they are similar. With this in mind, we will provide an explanation of Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) in this post.
Social Security
When you pay FICA taxes, it can seem as though it is going into a black hole. In reality, you earn retirement credits that will lead to eligibility for Social Security and Medicare.
In 2024, you get one credit for every $1,730 in taxable income that you earn. The maximum annual accrual is four credits. After you have accumulated 40 credits, you will qualify for these programs when you reach the respective eligibility ages.
For Social Security, the eligibility age for a full benefit depends on your birth year. Regardless, it will be somewhere between 66 and 67. Every person that is sufficiently vested can apply for Medicare when they are 65 years of age.
SSDI
If you become disabled prior to reaching the eligibility age, you can potentially qualify for Social Security Disability Insurance. This benefit has nothing to do with your income or assets. It is tied to your lifetime contributions into the program.
According to the Social Security Administration, the average monthly SSDI benefit in Oklahoma this year is $1,423. The maximum you could receive is $3,822 a month. The exact amount would be based on the amount of taxable income you earned over the years.
Most people get health insurance through their jobs, so this is another consideration if you can no longer work because you are disabled. Individuals that qualify for SSDI are automatically eligible for Medicare coverage, but there is a two-year waiting period.
SSI
Supplemental Security Income is potentially available to people with disabilities, but it is a need-based program. Even if you never earned a single retirement credit, you could qualify for SSI.
People who qualify for SSI are automatically enrolled in the Medicaid program. There is no wait involved.
This benefit will certainly help, but the payouts are very modest. The maximum benefit for an individual recipient is $943, and it is $1,415 for a couple.
Estate Planning for People With Special Needs
SSI and Medicaid are programs that estate planning attorneys are very familiar with. This is because we help people provide inheritances for loved ones with disabilities. Since Medicaid is a need-based program, you cannot qualify if you have more than $2,000 in countable assets.
It is possible to use a supplemental needs trust to provide for a loved one with a disability that is relying on Supplemental Security Income and Medicaid. The trustee would be able to use the assets to make the beneficiary more comfortable in many ways without impacting the benefits.
If you fund a supplemental needs trust for the benefit of someone else with your resources, it would be a third-party trust. Under these circumstances, a successor beneficiary that you name in the trust agreement would inherit the remainder after the first beneficiary’s death.
The assets would be protected from Medicaid estate recovery. This is key because Medicaid is required to seek reimbursement from the estates of deceased beneficairies.
Access Our Free Worksheet!
We have prepared an estate planning worksheet that you can go through to gain a more thorough understanding of this important process. It is a free resource, and you can get your copy right now if you head over to our worksheet page and follow the simple instructions.
Need Help Now?
You should certainly absorb all the information that you can, but at some point, it is time to work with an Oklahoma City estate planning lawyer to put a plan in place. If that time is now, we are ready to help you develop a custom crafted plan that is ideal for you and your family.
We can be reached by phone at 405-843-6100, and you can use our contact form if you would prefer to send us a message.
If you’re in the Tulsa area, we have a location there as well that can be reached at 918-215-2700.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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