If Am On Social Security, Getting Medicare And I Sell My House, Do I Still Qualify For Benefits?

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10 Answers

Frances Bott Profile
Frances Bott answered
Medicare is the US health insurance program for people age 65 or older. Certain people younger than 65 can qualify for Medicare, too, including those who have disabilities and those who have permanent kidney failure or amyotrophic lateral sclerosis (Lou Gehrig's disease). The program helps with the cost of health care, but it does not cover all medical expenses or the cost of most long-term care.

Medicare is financed by a portion of the payroll taxes paid by workers and their employers. It also is financed in part by monthly premiums deducted from Social Security checks.

In terms of your SSI benefit, at the moment in order to qualify for SSI your countable resources must not be worth more than $2,000 for an individual, or $3,000 for a couple. If you own property that you are trying to sell, you may be able to get SSI while trying to sell it.

Social Security does not count everything you own in deciding whether you have too many resources to qualify for SSI. For example, they do not count:

-The home you live in and the land it is on
- Life insurance policies with a face value of $1,500 or less
- Your car (usually)
- Burial plots for you and members of your immediate family
- Up to $1,500 in burial funds for you and up to $1,500 in burial funds for your spouse.

You may continue to receive your SSI benefit after the sale, especially is you purchase another property to live in as your only home. You must contact your local Social Security Office for an exact answer depending on your circumstances.

People who qualify for SSI may also qualify for Medicaid, which is different to Medicare.
Larry Patterson Profile
Larry Patterson answered
If you are talking about regular SS benefits which you start receiving at 62, 65 or higher age if you are required or choose, your assets don't impact those benefits, I am quite sure.

If you are receiving disability benefits, likewise no impact from assets.

If you are receiving SSI not based on your past earnings and payroll deductions to SS, assets do affect your benefits.
Anonymous Profile
Anonymous answered
I am 64 and planning to retire in 2 years. 401k got screwed!! Anyway, my daughter is planning to gift me half of her house as my primary residence. Half of the house value is around $250k in Calif. After that can I still collect SSI, social security, or medicare/Medical?
Janice Profile
Janice answered
You absolutely still qualify for benefits. Most retired folks in the US supplement their retirement income by selling their primary residence, as SSI does not generally pay out enough to afford someone a comfortable life. Medicare is a health benefit offered to all who are retired, as they no longer have insurance through their jobs. You can clarify with a financial advisor, but I am quite certain that this will not impact SSI. However, if you sell your home for over 500,000 dollars you will have to pay capital gains tax. And, depending on which state you live in you will have to pay State tax on the sale as well. In NY, the tax is $4 per $1,000. For example, if you sell your home for $499,000 you would owe $1,996 in tax. In addition to federal tax.
rRichard Pace Profile
rRichard Pace answered
I(f I sell my farm how does it affect my medicare and soc ial security
Anonymous Profile
Anonymous answered
I am getting social security and ssi benefits with medicare plan A & B still I can buy or own a home?
Anonymous Profile
Anonymous answered
I am a WW2 veteran an in a nursing home. If I am on medicare how much of my social security check can I keep? My social security check is my only asset and income. I own no other property.
Anonymous Profile
Anonymous answered
I am on ssi disability and want to sell my home and bye another what should I do

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