The thing that got Karen Williams into trouble was that she tried to do the responsible thing and bought a life insurance policy that would pay for her funeral...often with dire consequences.
Williams, who is disabled and doesn't work, relied upon a little-known federal assistance program…to help them pay for rent, food, medicine and other everyday needs.
For Williams, the cash value of her policy along with the $260 she had saved in her checking account pushed her over SSI's $2,000 limit on how much a recipient is allowed in savings and other assets.
The penalty was stiff: Williams was kicked off SSI, her primary source of income, and told by Social Security to pay back two years of benefits totaling $20,385.
#asset-limit-rule #federal-assistance-programs #social-security-administration #financial-consequences
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