ABLE Account
A tax-advantaged savings account for individuals with disabilities that allows them to save and invest money without losing eligibility for SSI, Medicaid, or other means-tested benefits.
Eligibility: You must have been diagnosed with a qualifying disability before age 26.
Annual contribution limit is tied to the federal gift tax exclusion (~$18,000/year as of 2025).
Funds can be used for qualified disability expenses: housing, education, transportation, health care, and more. Account balances up to $100,000 are excluded from SSI resource limits.
→ Each state runs its own ABLE program; you may open an account in any participating state.
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Frequently asked questions about ABLE Account
What is an ABLE Account?+
An ABLE account is a special savings account for people with disabilities. It helps them save money without losing important benefits like SSI or Medicaid. It's a great way to save for things you need now or in the future, like housing, education, or healthcare, while still getting help from other programs.
Who can open an ABLE Account?+
To open an ABLE account, a person must have a disability that started before they turned 26. They also need to be receiving SSI or SSDI, or have a doctor certify that they meet the disability criteria. It helps people with disabilities save money and keep their benefits.
How do ABLE Accounts affect SSI and Medicaid?+
Having an ABLE account usually does not affect your eligibility for SSI or Medicaid. The money you save in an ABLE account is not counted when these programs check your income and resources. This means you can save money for important things without worrying about losing your benefits.
What can ABLE Account funds be used for?+
Money in an ABLE account can be used for many things that help improve a person's health, independence, or quality of life. This includes education, housing, transportation, employment training, assistive technology, personal support services, and healthcare expenses. It gives people more control over their financial future.