Where can I put money so it will not affect my government benefits?
While we can’t tell you what to do, we think you should check out ABLE Accounts. This is an account that allows you to put in up to $15,000 a year and earn tax-free interest. This money will not affect your eligibility for government benefits like SSI and state-based health insurance (up to a limit of $100,000). ABLE Accounts are only available for individuals who developed their significant disabilities before age 26.You can use the money you set aside in an ABLE Account for specific disability-related expenses that help you increase or maintain your health, independence or quality of life, including:
- Job training
- Health expenses
- Assistive technology
- Personal support services
- Legal expenses
- Financial fees
Curious why they’re called ABLE Accounts?
The law that established them was called the Achieving a Better Life Experience Act. To learn more about ABLE Accounts in Massachusetts, visit here. For ABLE Accounts in Louisiana, visit here.To see if your state participates, click here to visit the National Resource Center. If your state doesn’t have its own program, you can enroll in any state’s program as long as it accepts out-of-state residents.