ABLE Account — Achieving a Better Life Experience
A tax-advantaged savings account for individuals with disabilities that allows them to save and invest money without losing eligibility for SSI, Medicaid.
Official source: ssa.gov
To qualify for an ABLE account, you must have a qualifying disability that was diagnosed before you turned 26 years old. This account allows you to save money without affecting your eligibility for SSI (Supplemental Security Income) and Medicaid.
You can contribute up to the federal gift tax exclusion limit, which is about $18,000 per year as of 2025. The funds in your ABLE account can be used for various qualified expenses related to your disability. These include housing, education, transportation, health care, and other necessary costs. Account balances up to $100,000 do not count against the resource limits for SSI.
Each state has its own ABLE program, so you can open an account in any state that offers one. Be aware of the rules and fees associated with each state's program, as they can vary.
In real life
- A person with a disability can save money in an ABLE account for future needs without losing their important government benefits.
- Someone can use their ABLE account to pay for approved expenses like education, housing, and transportation related to their disability.
- A family can put money into an ABLE account for their child with a disability, helping them save for a more secure future.
Also known as
Take the next step
Frequently asked questions about ABLE Account
What is 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.
Who qualifies for ABLE Account?+
People with limited income and resources who are 65+, blind, or have a qualifying disability. SSI does not require a work history.
How do I apply for ABLE Account?+
Apply online at ssa.gov, by phone at 1-800-772-1213, or in person at your local Social Security office. There's no cost to apply.
Where can I get help?+
Use BenefitKarma's free Benefit Eligibility Screener to see if you qualify for SSI, then start your application at ssa.gov or your local Social Security office. There's no cost to apply.
Source: ssa.gov