Understanding legal terms can be tricky, and especially so when it comes to the complexities of the U.S. social security system. For business leaders and entrepreneurs, understanding the different facets of the system, and especially specific terms, can be key to keeping them organized. One such term, SSI, stands for Supplemental Security Income.
What Is Supplemental Security Income?
Supplemental Security Income (SSI) is a U.S. government program that provides financial support to individuals with disabilities, among other conditions. This program is funded by general tax revenues and administered by the Social Security Administration (SSA). SSI provides basic needs such as housing, food, and clothing, and it typically supplements other benefits. Eligibility is determined by law, and typically requires a showing of need.
How Is SSI Different From Social Security Disability Insurance?
It is important to note that SSI is different from Social Security Disability Insurance (SSDI). SSDI is provided to individuals who become disabled and are no longer able to work. This program is funded by payroll taxes paid by employers and employees, and payments to individuals are much higher than with SSI. Because SSI is funded through general tax revenues, it is available to both the disabled and others who qualify.
Who Qualifies for SSI?
Individuals who are blind, disabled, or over the age of 65 may be eligible for SSI. Additionally, individuals and families must meet income and resource requirements, which are determined by the SSA. It is important to note that income and resources are not the only criteria used to determine eligibility. Other factors, such as immigration status, marital status, and living arrangements, can also impact eligibility.
Conclusion
Understanding the basics of Supplemental Security Income, or SSI, is essential for business professionals and entrepreneurs. Though SSI is often confused with SSDI, they are two distinct programs that serve different populations. SSI provides financial support to those with disabilities, and eligibility is based on several factors, including income, resources, and other criteria. Knowing these basics will help business professionals stay informed about the many facets of the U.S. social security system.