Hey, folks on SSI and Medicaid! You know that ever-dreaded $2,000 “asset limit” that effectively locks you into poverty? Well, there’s this fancy new thing called the “ABLE Act” that allows many of us to save money far beyond $2,000, so we can finally save for our future or have a financial buffer for the present. It’s an absolute game-changer for many in the disability community. These specialized ABLE Accounts are up and running, so you may be able to open one today!
ABLE Accounts are specialized tax-advantaged savings and investment accounts specifically for people with disabilities that allows a good chunk of our community to save up to $100,000 and still keep SSI, and $300,000 or more and still keep Medicaid (and attendant care tied to Medicaid eligibility). Different account options, such as FDIC-insured savings or full investment portfolios, are opening up through various state programs. It’s possible to open an account through any state’s program no matter where you live, so you have plenty of options to choose from.
Read the full article at New Mobility.