The ABLE Act is a bill under review by Congress that would allow for people to save money for goals such as education or housing without losing SSI or Medicaid eligibility.
This bill has 110 co-sponsors in the House and 12 in the Senate, including Montana Sen. Jon Tester.
The following information has been taken from the bill’s summary sheet.
Purpose: To encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independent, and quality of life.
Qualified Disability Expenses:
1. Education 2. Housing 3. Transportation 4. Employment Support 5. Health Prevention and Wellness 6. Assistive Technology and Personal Support
Federal Treatment of ABLE Account under Supplemental Security Income Program:
When the assets in an ABLE account reach $100,000, if the beneficiary is receiving Supplemental Security Income (SSI) benefits, any monthly SSI benefits will be placed in suspension.
If the assets in the ABLE account drop back below $100,000, the SSI benefit suspension ceases and any SSI benefit resumes.
The beneficiary will not have to reapply for SSI benefits once the account drops back below the $100,000 threshold.
No Impact on Medicaid Eligibility:
Under no circumstance will anyone with an ABLE account who is currently receiving Medicaid benefits lose their benefits – even if their SSI benefits are suspended.
The beneficiary will never lose their eligibility for Medicaid based on the assets held in their ABLE account.
To learn more about the ABLE Act, please visit: www.realeconomicimpact.org/Public-Policy/ABLE-Act.aspx
