One of the main benefits of having an ABLE account is being able to save for eligible expenses and to invest for the future in a tax-advantaged account. The account’s growth is tax free. As long as your balance stays below the $100,000 SSI limit, you can keep your SSI benefits and still qualify for Medicaid and other federal benefits (regardless of the amount saved in your account). Other benefits include a prepaid card to use for eligible expenses, and a simple and intuitive online platform to manage your account.
No. You can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.) with an ABLE 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 As long as the money withdrawn is used for eligible expenses, it won’t count towards the limit. All housing expenses must be paid in the same month the money is withdrawn to keep your monthly cash benefits. All other benefits, like Section 8, are protected regardless of the amount saved in the account.