What Income and Assets Should Count for [whatever] Benefits?
There is no debate that a senior that has little income and NO other liquid assets would qualify for most all, if not all, helping-hand benefits like SNAP, Section 8, Medicaid. Low income is defined as the Federal Proverty Level.
But what else should count or not?
- A retirement account?
- Savings which earns interest?
- Individual stock holdings or a brokerage account with index funds or some other grouping of stock holdings? The dividends/capital gains received from such holdings?
- An inheritance that is so substantial that the earnings from it pushes them over the FPL limits.
- self-employed income from whatever the source - how will Uncle Sam know if no tax documents are filed?
Do all seniors file an annual tax return documenting their income for eligibility for various helping-hand benefits?
Some seniors and others get hit hard when they come into some extra money that produces added income either as a result of a COLA increase or some other place. They may come into this money happily but then when they lose some of the helping-hand benefits because of this increase in income from its earnings, they have 2nd thoughts.
Do you think the Federal Poverty Levels is an accurate measure of poverty?
Here they are for 2025
HHS.gov Poverty Guidelines 2025
For Supplemental Security Income (SSI) benefits they count in-kind funds as an offset to their benefit. Like if somebody helps them with their portion of rent or utilities.
I help an elderly aunt out monthly with her living cost - should this be disclosed against the other benefits she gets?
It does get complicated in some instances.