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- How it Works
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Tax Benefits
- Can I use ABLE funds to pay for a vacation?
Yes, a vacation does qualify as an eligible expense as long as it can help maintain or improve the health, independence, or quality of life of the person living with a disability.
- Will having an account make me ineligible for Medicaid?
Nope. Having an ABLE account doesn’t count towards your eligibility for Medicaid regardless of the amount saved in the account.
- What happens if I withdraw money for a non-eligible expense?
- You’ll have to pay taxes on any non-eligible expense, plus a 10% penalty on the earnings portion of the withdrawal. A withdrawal used for non-eligible expenses could affect your eligibility for Supplemental Security Income (SSI) benefits, Medicaid, or other much needed benefits under federal or... Read more
- How do I prove an eligible expense?
Keep your receipts and documentation for all eligible expenses in case the IRS wants to see them. We don’t need proof of your expenses, but you should have it for your records.
- Can I use funds to pay for housing or rent?
- Yes, you can use money from an ABLE account for housing expenses. If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI eligibility. Plus, having an ABLE account doesn’t affect other housing benefits, like... Read more
- What qualifies as an eligible expense?
- There’s a wide range of eligible expenses that cover most costs associated with living with a disability. Some of these include: living expenses, education, housing, transportation, employment, vacation, job training, career support, assistive technology, personal support services, health,... Read more