Seniors and people with disabilities may qualify for financial assistance under several federal programs. Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are two of the most popular programs of the Social Security Administration (SSA).
The main difference between SSDI and SSI is that SSDI determines eligibility based on employment history and disability credits. On the other hand, SSI is based on age, disability, and limited income and resources.
Moreover, SSI recipients are also automatically covered by Medicaid in most states. After receiving disability payments for 24 months, a person with SSDI automatically qualifies for Medicare.
SSI, SSDI, And Social Security Retirement
In most cases, you won’t be able to collect Social Security retirement and SSDI simultaneously, but you might qualify for SSI.
SSI, or Supplemental Security Income, is a Social Security program that assists seniors and people with disabilities who have a low income or few assets. To be eligible for SSI, you must meet strict income requirements and have limited resources. The term “resources,” as defined by the SSA, can refer to anything, including:
- Bank accounts or stocks
- Personal property
- Life insurance policy
Can I Draw Both SSDI And Retirement?
One exception allows individuals to receive both retirement and SSDI benefits. People who opt for early retirement between 62 and their full retirement age may be awarded SSDI benefits because they are eligible for early retirement. Additionally, a person may apply for early retirement by filing for it after an injury or illness. The early retirement benefits can cover bills until their SSDI claim is approved and the waiting period has ended.
In this case, they will begin receiving additional funds from the SSA each month on top of their early retirement benefits, which will result in a full retirement benefit amount. Also, they are likely to qualify for retroactive benefits, which will increase their full retirement amount for any month they were disabled but not yet approved for SSDI.
Drawbacks To Applying For SSDI And Retirement Simultaneously
Applying for SSDI and Social Security retirement at the same time can cause a backlash for some people. If individuals apply for early retirement but do not gain permission for their SSDI claim, they may be forced to live on a lower retirement income.
Although Social Security retirement and SSDI cannot be collected at the same time to increase your benefits above the full retirement amount, SSI is a program that may allow you to receive additional income through Social Security.
When dealing with the federal government, you have the right to get someone to represent you. With an attorney by your side, working on your behalf, and understanding how SSDI and SSI work, your chances of getting the maximum benefit are higher.
Wondering what SSDI review consists of at 62? Read our blog post at Disability Help to find out.