HOW TO MAKE THE MOST OF AN ABLE ACCOUNT

HELP AVOIDING THE BENEFITS CLIFF 

Under the amended law, it won’t matter how old you are when you want to open an ABLE account, just how old you were at the onset of your disability.

Otherwise, all you need is a doctor’s signature that you have “severe functional limitations” lasting longer than a year. If you’re a wheelchair user, you’re almost certain to qualify.  

Eric Ochmanek, program director at the National Association of State Treasurers, is promoting ABLE accounts through ambassadors and the abletoday.org website.

He says opening an ABLE account takes about 20 minutes online.

You have the option of creating a savings account, which pays low interest but protects every dollar contributed, or an investment account, which comes with potentially higher growth but also the risk of losses if stock markets decline like they did in 2022.

“ABLE allows people with disabilities to accumulate wealth,” he says.

“It gives them choice for financial inclusion and empowerment, all while maintaining their Medicaid and [Supplemental Security Income] benefits.”