Sunday, April 2, 2023

HOW TO MAKE THE MOST OF AN ABLE ACCOUNT

HELP AVOIDING THE BENEFITS CLIFF 

The definition of a qualified expense is quite broad.

Virtually anything that maintains or improves the health, independence and quality of life of a person with a disability is a qualified expense — so it is not limited to medical copays and home accessibility modifications. 

Dante  Allen says he uses relatively small withdrawals to pay out-of-pocket costs.

He has good insurance, but it only pays for a basic wheelchair.

To upgrade to a titanium frame, his out-of-pocket cost was about $900.

He used his ABLE account to cover it.  

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