You might qualify for an ABLE Account if you were “disabled” before age 26.
- This helps with Asset Test not Income Test for benefits
- Money transferred to ABLE Accounts does not interfere with Medicaid and SSI
- ABLE Accounts can be used for Qualified Disability Expenses
- The accounts have a general contribution limit of $16,000/year
- If you work, you can transfer wages up to the Federal Poverty Level ($13,590 in 2022) in addition to the general contribution limit