Can You Have a Savings Account on Social Security Disability?

If you currently receive Social Security disability benefits (SSDI), you may still maintain a savings account, as determined by the Social Security Administration (SSA), which runs the program.

If you currently suffer from a long-term medical condition and believe you are eligible for SSDI benefits, you should speak with a knowledgeable OC social security disability benefits lawyer as soon as possible. Your lawyer can determine your eligibility and help you file the necessary documents to pursue the benefits you deserve.

SSDI Benefits Eligibility 

For you to qualify for SSDI benefits, you have to meet certain requirements. First, you must currently suffer from a medical condition that is long-term. Specifically, the medical condition must be one that is expected to last for at least one year – as determined by a medical provider to a reasonable degree of medical probability. Alternatively, the medical condition must likely result in death.

Moreover, to be eligible for SSDI benefits, your long-term medical condition must preclude you from participating in substantial gainful activity, or SGA. In other words, your condition must prevent you from working in any capacity, at any job. Finally, to be benefits-eligible, you must have worked long enough – and contributed to the Social Security system for a sufficient period of time.

Although limitations exist for the amount of money you can earn at work while collecting SSDI benefits, there are no restrictions on the number of assets you can maintain. Therefore, while you receive SSDI benefits, you could also maintain a savings account with any amount of money in it that you choose.

Claim Denials and Appeals

In some instances, individuals who apply for SSDI benefits do not receive them the first time around. In fact, it may take two or more tries to eventually recover the benefits you need. In most instances, SSDI benefits are denied because applications lack the necessary supporting medical documentation. To receive SSDI benefits, you must have a willing healthcare provider on board in your case who determines that your medical condition prevents you from working.

In certain instances, your lawyer may be able to help you file an appeal, during which time you may include additional documents for review. In most cases, you will first need to exhaust all of your appeal options at the administrative level. However, if you still have not received benefits by that point, your lawyer may be able to file a lawsuit on your behalf in the federal court system.

Call a California SSDI Benefits Lawyer Today

If you believe you may qualify for SSDI benefits, or if you recently received a benefits denial, you have legal options available to you. First, you should speak with a knowledgeable California SSDI benefits lawyer as soon as possible. Your lawyer can meet with you to discuss your medical circumstances and help you gather and file the necessary application materials to pursue SSDI benefits. If you are eligible to appeal a claim denial, your lawyer could also assist you throughout the appeals process and fight for the benefits that you deserve.