PASS Accounts

You must put the income or assets you are "setting aside," and which therefore won't be counted in determining your Supplemental Security Income (SSI) and Medicaid eligibility, in a separate bank account which Social Security will monitor for both deposits and balance.

If you don't deposit the money in this account, or if you withdraw it prematurely for non-Plan purposes, Social Security, it is likely that Social Security will quickly uncover what you've done. Social Security requires participants to provide details on Plan accounts and to submit data on account balances and activity as a condition of the program.

If you don't follow the rules, your Plan would be canceled immediately. You might be required to pay back money you received from SSI or Medicaid if you had made a disallowed withdrawal or did not deposit disregarded money and spent it instead. The official moral here is that your PASS should reflect a genuine future job goal that you're really saving for.

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