Because of recent changes to federal laws, more disabled people are allowed to have ABLE savings accounts while receiving Supplemental Security Income, also known as SSI for short. In this blog post, the disability team at Omaha and Sioux City-based Watson and Carroll, P.C., L.L.O., discusses the benefits of the updates made to the federal law — and how it can benefit you.
Social Security Disability Lawyer in Nebraska and Iowa
Watson & Carroll, P.C., L.L.O.’s Social Security Disability team can help you secure benefits needed to support yourself. Our caring attorneys and staff can offer support and advice as it pertains to your disability and the benefits approval process. Remember, you’re more likely to have a successful disability claim with an attorney by your side. Call us today at 402-991-2100. You also can share your story here.
What Is An ABLE Account?
An ABLE Account is a tax-advantaged savings account that allows individuals with disabilities to save and invest money for disability-related expenses (called Qualified Disability Expenses, or QDEs) without losing eligibility for certain means-tested public benefits programs, such as Medicaid.
Congress recently approved the expansion of state-based ABLE accounts. This change could have a positive impact on as many as six million people, including about a million military veterans, who eventually will qualify for the tax-favored accounts.
ABLE is named after the Achieving a Better Life Experience, which was the name of the law that established the accounts in 2014. The accounts first became available in 2016 and they are currently offered in Washington, D.C., as well as 46 states. Loosely modeled after the 529 college savings accounts, ABLE accounts have been limited to individuals who become disabled before reaching age 26, but now with the adjustment act, the threshold for a qualifying disability is now age 46.
Because of the adjustment, this means people who became disabled later are now eligible to have these savings accounts.
In general, an individual cannot have more than $2,000 in assets and qualify for Medicaid and/or SSI, but the funds in an ABLE account do not count toward those limits. ABLE accounts allow disabled individuals to save money to invest for any future needs, such as educational expenses, housing or transportation-related costs.
When 2022 came to a close, there were 134,000 accounts spread across the country. Anyone can contribute to the accounts, including friends and family. During 2023, the maximum annual contribution cannot exceed $17,000.
Do I Need a Disability Attorney?
If you need help maneuvering your disability claim, consult with an experienced disability attorney at Watson and Carroll. We have helped thousands of disabled workers throughout the region access the disability benefits that they are entitled to receive.
About Watson & Carroll
Watson & Carroll, P.C., L.L.O., is not a high-volume law firm that only speaks with clients when it is absolutely necessary. For us, it’s personal. Our team works closely with our clients and their loved ones – not only so that we understand their challenges and concerns, but so we can tailor our approach to address those factors, aggressively pursue results, and secure peace of mind. Whether it is a medical malpractice case or advocating for disability benefits, we work to protect our clients and make sure their rights are upheld.
Our firm can help. Call 402-991-2100 or email contact@watsoncarroll.com. You also can fill out our confidential contact form.