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ABLE Account

Acheiving a Better Life Experience Act of 2014

What is an ABLE Account?

An ABLE account is a tax advantage savings account for people with significant disabilities. ABLE accounts were created by the Achieving a Better Life Experience Act of 2014, better known as the ABLE Act. These accounts allow individuals with disabilities to save money for the costs associated with living with a disability without losing SSI, SSDI or Medicaid Benefits. Allowable expenses may include housing, education, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management, or any other expense that is a result of living with a disability.

In June 2017, the first states began to offer these accounts. Not all states currently offer ABLE accounts, and some states will choose not to offer them. Individuals with disabilities can open an account in any state, regardless of where they live, as long as that state permits. Information regarding ABLE accounts can be found on the ABLE National Resource Center website. In addition, it will be important to find out the specific information regarding ABLE accounts in the state you choose. Click here to view a variety of webinars about ABLE accounts. Each state will establish their own requirements for ABLE accounts. Some states have programs that are up and running, others (such as New York) are in process. Some states are further along than others in the development of their ABLE programs. You can review different state's ABLE accounts here. You can compare states here.

Here are some of the highlights regarding ABLE accounts.

This is not a comprehensive listing of all the rules and requirements for ABLE accounts. It is recommended that you seek the advice of a financial planner to assist you in determining the best way to plan for your financial future.

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