The Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act of 2014 allows those with disabilities to save for qualified disability expenses without the risk of losing their benefits from assistance programs like SSI and Medicaid.
NY ABLE allows eligible individuals to save more freely without risking the benefits they may already use.
- When combined with other assets held in non-ABLE accounts, balances under $100,000 are excluded from the SSI resource limit.
- If the NY ABLE account balance causes the SSI resource limit to be exceeded, then SSI benefits will be suspended until the account balance no longer exceeds the resource limit.
- Eligible individuals will continue to be eligible for Medicaid, regardless of their account balance.
NY ABLE is an ABLE program designed specifically for New York residents. NY ABLE accounts give earnings the ability to grow tax-deferred, and allow savings to be withdrawn tax-free for qualified expenses. Qualified expenses are any expenses related to an eligible individual’s disability.
Call us at 1.855.5NY.ABLE (1.855.569.2253) Monday – Friday from 8 a.m. – 8 p.m. ET