The ABLE Act was a landmark moment for disabled people in California because it was the first time the higher cost of living was officially recognized in policy for that particular demographic. It’s a savings account that comes with certain tax advantages.
Helping disabled people and their families
If you or a loved one is living with a disability, there are so many additional costs that it may be hard for you to fathom the actual dollar amount that you spend. An ABLE account is a type of savings account that you can use to help cover these additional expenses without losing your eligibility for public benefits.
ABLE stands for Achieving a Better Life Experience, and it’s a good summation of what these kinds of accounts were designed for. These accounts are there to make sure housing and transportation are accessible. They also help to provide personal assistance health care and assistive technology that insurance doesn’t cover.
These types of accounts are also there to help the families of disabled people, who are also often the ones paying the additional cost of living. You can use an ABLE account whether the individual with a disability is a child or an adult who has reached working age.
Allowing you to keep your public benefits eligibility
You can use an ABLE account to remain eligible for public benefits like SSI, SNAP and Medicaid. In order to retain your eligibility for these benefits, you can’t have too much money or any other type of liquid resource. The answer is to use an ABLE Account.
You might want to find out if you’re eligible for one of these accounts before applying. ABLE accounts are limited to people who have disabilities that were onset before the individual turned 26 years old.
The good news is that’s all it takes to be eligible. As long as you meet the age requirement and are the recipient of SSI or SSDI benefits, you’ll be able to establish your account.