What are ABLE accounts?
ABLE accounts are tax-advantaged savings accounts intended to encourage and assist individuals with disabilities and their families to save private funds to supplement benefits provided through private insurance, Medicaid, supplemental security income (SSI), employment, and other sources.
Most individuals with disabilities depend on Medicaid to access disability related services needed to maintain health, independence, and quality of life. Establishing an ABLE account allows beneficiaries to save money for disability related expenses while maintaining eligibility for means tested Federal benefit programs. Money saved in an ABLE account will not affect an individual's eligiblity for SSI (up to $100,000) and will allow the beneficiary to maintain eligibility for Medicaid and other public benefits.
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