What is an ABLE account?
The Achieving a Better Life Experience Act allows individuals whose disability occurred prior to age 26 to place up to $17,000 per year into a special savings account. There is no limitation on the number of individuals who can contribute to the account, but the disabled beneficiary may have only one account. Funds in an ABLE account will not be counted in determining the disabled person’s eligibility for Supplemental Security Income (SSI) unless the account exceeds $100,000. Upon the death of an ABLE account holder, Medicaid may require reimbursement from the account for services provided after the disabled individual established the account.