ABLE accounts are investment accounts that will not affect eligibility for SSD/ SSI or Medicaid. People who have become blind or disabled before their 26 birthday are eligible for the accounts. Participants can contribute up to $14,000.00 a year to the account with an overall ceiling of $400,000.00. Any amount over $100,000.00 will be counted as an asset for SSI/SSD benefit calculations but will not suspend eligibility for those programs. Any amount under $100,000.00 will not affect SSI/SSD benefits. The amount of money in participants’ accounts do not affect Medicaid benefits.
ABLE accounts offer a great savings tool but have to be used cautiously. The money in the accounts can only be used towards certain, defined expenses, and on the death of the participant, the remainder goes to Ohio’s Medicaid program. People in Ohio can enroll in ABLE accounts created by any state, so for a person thinking of opening one, it may be worth comparing the terms of ABLE accounts in different states.
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This is the online link to enroll: https://access.stableaccount.com/.