It’s surprising that over 9.2 million Americans receive Social Security Disability payments.
Government programs like Social Security Disability (SSD) and Supplemental Security Income (SSI) offer financial aid to people with disabilities. There are differences in eligibility, benefits, and funding sources.
What’s the difference between SSD and SSI? Read on for a full SSD and SSI breakdown.
SSD Benefits and Eligibility
Social Security Disability (SSD) is designed for people who’ve contributed to the Social Security system. To qualify for SSD benefits, you must have accumulated enough work credits. People earn them through years of employment and payroll tax contributions.
As a general rule of thumb, you need 40 credits. You must have earned 20 of them within the last decade before you became disabled. You can visit a Social Security office in Las Vegas to learn more.
SSD provides benefits to those who have a long work history and have become disabled due to a qualifying medical condition. This program is not dependent on your income or assets but rather on your work history and the severity of your disability.
SSI Program and Eligibility
Supplemental Security Income (SSI) is another one of the top government programs. It helps people with limited income and resources. It includes people who haven’t worked enough to qualify for SSD.
SSI comes from general tax revenues instead of the Social Security trust fund. To be eligible for SSI, you need to have one of the types of disabilities that the Social Security Administration approves. You may also qualify if you’re blind, 65 or older, or have limited income and resources.
SSI isn’t contingent on your work history but rather on your financial situation. Your income, assets, and living situation are all considered when determining your eligibility and the amount of SSI benefits you may receive.
SSD vs SSI: Benefits and Payment Amounts
The amount of benefits you receive through SSD and SSI can also differ. SSD benefits are based on your past earnings and can be major, particularly if you have had a high income. The more you have contributed through payroll taxes during your working years, the higher your SSD benefits could be.
SSI benefits are a fixed payment each month. The federal government sets the greatest SSI benefit amount, which can change yearly, and some states offer extra supplementary payments to SSI recipients. Since SSI is a needs-based program, your income and resources will be taken into account, and these factors can affect the amount of SSI benefits you receive.
Now You Know the Difference Between SSD and SSI
The main difference between SSD and SSI is their eligibility requirements and funding sources. SSD is for individuals who have a significant work history and have contributed to the Social Security system, while SSI is a need-based program for those with limited income and resources. Both programs require a qualifying disability, but the amount of benefits you receive can vary between them.
It’s essential to understand these differences to determine which program best suits your circumstances. Did you appreciate this SSD and SSI guide? Click around the rest of our blog to access more useful wellness articles.