ABLE Accounts for People with Disabilities

Congress passed the Achieving a Better Life Experience (ABLE) Act in 2014. This created tax advantaged accounts for people with disabilities. These accounts grow and are tax free. The money in the accounts can be used for qualifying expenses. Before the passing of the ABLE Act in 2014, if a person with disabilities had more than $2000 in their name, they would lose Medicaid coverage or Supplemental Security Income (SSI). ABLE accounts allow people with disabilities to have more than the $2000 in their name within the guidelines without losing these benefits. In order to qualify for an ABLE account, the beneficiary must have become blind or disabled before the age of 26. When opening an account, a person with disabilities may or may not be asked to provide documentation if they are not already receiving Medicaid coverage or SSI.  In order to self-certify, the person with the disability will just need documentation from the doctor. Those already receiving Medicaid coverage…

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