Does having an ABLE account affect my other benefits?
No. When saving with an ABLE account, you can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.). There is a maximum value of $400,000 for each ABLE account, at which point you can still accrue earnings, but you won’t be able to make additional contributions until the balance dips below $400,000.
If you receive SSI, there is a $100,000 limit before ABLE funds start counting against your $2,000 asset limit. If you choose to go over the $100,000 limit, your SSI benefits will be suspended, but you’ll still be eligible for all other benefits (such as Medicaid). Once your balance drops below the limit, your SSI benefits will resume as normal.
Don’t forget that all housing expenses must be paid in the same month the money is withdrawn to keep your benefits. All other benefits, like Section 8, are protected regardless of the amount saved in the account.
