Self Advocacy, Self Advocacy Learning

ABLE Accounts

Written by Catherine Nielsen on .

ABLE Accounts (Achieving a Better Life Experience)

Did you know you can deposit your COVID-19 Stimulus Payment into your ABLE Account? ABLE Accounts and COVID-19 Stimulus Payments  

ABLE accounts help individuals save their money, while preserving their SSI and Medicaid. Eligible applicants can save for qualified disability expenses without losing eligibility for certain assistance programs, like SSI and Medicaid.

Under the law, a person with a disability and that person’s family may put money into a special tax-advantaged account.  The first $100,000 in an ABLE account will not count against the $2000 Supplemental Security Income (SSI) resource limit, nor will it count against asset limits other programs, such as Medical Assistance, may have. The earnings on your investments are federally tax-deferred and tax-free, if used for qualified disability expenses.

Eligible individuals can open the account for themselves, or an authorized individual can open an account on their behalf. There are a few requirements that individuals with disabilities must meet to be able to have an account.

You’re eligible if:

  • Your disability was present before the age of 26; and
  • One of the following is true:
    • You are eligible for SSI or SSDI because of a disability.
    • You experience blindness as determined by the Social Security Act; OR
    • You have a similarly severe disability with a written diagnosis from a licensed physician that can be produced if requested.

What are Qualified Disability Expenses?

These are ANY expenses that are incurred as a result of living with a disability and are intended to improve your quality of life.

Qualified expenses include, but are not limited to:

  • Education
  • Health and wellness
  • Housing
  • Transportation
  • Legal fees
  • Financial management
  • Employment training and support
  • Assistive technology
  • Personal support services
  • Oversight and monitoring
  • Funeral and burial expenses

For more information visit ABLE Nevada  or the ABLE National Resource Center

If you are uncertain of how an ABLE account will impact your State benefits, ask your care coordinator at the state agency you’re connected with.