In short, yes depending on the size of the settlement. You need to speak with your attorney and get in touch with an attorney with an expertise in SS law. I have had a number of cases in the past 6 months where the amount of the settlement would have negatively affected my client's SS benefits. A trust was created in order to maintain the SS benefits. I strongly recommend you speak with an attorney about this asap.
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It should not affect SSI benefits. However, Medicare has a lien against any settlement in which it has paid any medical expenses for treatment as a result of the accident. If you have a lawyer he should take the necessary action to protect Medicare's lien. If you are unrepresented and are dealing with an insurance company directly then they should take the necessary action to protect Medicare's lien.
There is a difference between SSI (supplemental income) which does consider your settlement as an asset/income, and could affect your SSI payments depending on the amount of settlement and SSDI (SS disability) which is not based on your assets /income.
There are potential ways to minimize impact on your SSI so you should talk to experienced attorney before you settle your claim.
Yes, it is income and can be considered as such for the month in which it is received and for an additional period of time depending on the size of the award. A special trust may be available to administer the award without having it factored in to income for SSI purposes. You should call an attorney that specializes in personal injury and SSI. Their assistance will be highly beneficial.
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