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Anyone familiar with S.S. I. (supplemental social security insurance)?


is there a "look back period" for SSI. my parents are both retired and they get a ridiciolous SS benefit of $300 each which they can't possibly live on.

i want to help them by having them apply for SSI but they have a small amount of savings ($10,000) in the bank which is pretty much their life savings.

can i transfer the money to me and then have them apply for SSI or is there a" look back period" which would disallow that.

thanks

We helped my brother get on SSI by moving $5,000 out of his account and into mine and it worked fine. Be prepared to wait though. SSI is not a quick process.. it will likely take months to finally get them on it if they do qualify. The government loves to hee-haw around.

Hope that helps

http://www.financialgym.org
Yes, there is a 'look back period'. From http://www.ssa.gov/pubs/11015.html... :
"Other rules about resources
A person who owns more than is allowed because of property that cannot be sold quickly may still be able to get SSI payments by signing an agreement to sell the excess resources.

If a person gives away or sells a resource for less than it is worth, there may be a period of ineligibility for SSI. The gift or sale also may make him or her ineligible for Medicaid coverage of nursing home services."

You should call Social Security and find out what the specific rules for look back are. The limit for a couple is $3000, so they are $7000 over right now.
www.ssa.gov
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