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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16559
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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in regards XXXXX XXXXX previous question -> hello, long story short,..... I

This answer was rated:

in regards XXXXX XXXXX previous question -> hello, long story short,.....

I found this on the ssi website ->http://www.ssa.gov/ssi/spotlights/spot-loans.htm

it says loans do not count toward that month, but however they do count toward assets for any month following reinforcing the 2k assets rule.

are student loans not applicable?
grants I understand the 9 months, but loans are a different ballgame I assume.

And for me, I receive ssi + ssdi
are they both the same rule set? or are there entirely different rules for the two.

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

The key about the loans is that they are not for shelter, food, or clothing. If the loans are for shelter, food, and clothing the amount can count against you - but if they are for school related costs

MyVirtualCPA :

For your SSDI nothing will impact this - you are just worried about your SSI

MyVirtualCPA :

For SSDI you can have an unlimited amount of income and assets

MyVirtualCPA :

SSI is the only piece that has limitations

Customer:

hmm, if i stop receiving ssi,will i stop receiving ssdi?

MyVirtualCPA :

No, not at all

MyVirtualCPA :

Your SSDI will continue no matter what your income or assets

Customer:

also, is medicare dependent on ssi?

MyVirtualCPA :

No, Medicare is not dependent on SSI

Customer:

well, not dependent per-say, but to receive it, i need to be receiving on of the two, this I know otherwise there is the purchase program

MyVirtualCPA :

No, if you receive SSDI you receive Medicare

MyVirtualCPA :

it's not dependent on SSI

MyVirtualCPA :

So to summarize, your ssdi would not be impacted by anything. Your SSI could be impacted, if you don't spend your funds down.

MyVirtualCPA :

Your medicare is not impacted by this , either

Customer:

well, that is good to know defiantly....thanks for your help.

Customer:

anything i might be missing in all of this?

MyVirtualCPA :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

No, I don't see anything that you may be missing

Megan C and other Social Security Specialists are ready to help you
Thanks, Harold for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.

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