What kind of benefits do I get by opening an ABLE United account?
One of the main benefits of having an ABLE United account is being able to save for Qualified Disability Expenses and invest for the future in a tax-advantaged account. Earnings on the account grow tax free as long as the funds are used for Qualified Disability Expenses.
Generally, funds in (or withdrawn from) an account are disregarded when determining Supplemental Security Income (SSI), Medicaid eligibility and other resource means-tested public benefit programs (SNAP, TANF, HUD Assistance, Section 8, etc.). For more information on having an account and public benefits, click here.
Other benefits include the option to have a prepaid card to use for qualified expenses, and the ability to have family and friends contribute to your account.
Does having an ABLE United account affect my other benefits?
No. You can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.) with an account. If you receive SSI, there is a $100,000 limit before funds start counting against your $2,000 asset limit. As long as the money withdrawn is used for eligible expenses, it won’t count toward the limit.
Housing expenses are not a countable resource for SSI if they are paid directly from the account to a third party or withdrawn and paid in the same month. Withdrawals retained for Qualified Disability Expenses, other than housing, are not a countable resource for SSI. These funds must remain unspent and identifiable and are excluded in the months leading up to the actual expenditure.
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