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Those who have participated in previous NFXF Advocacy Days and responded to prior Action Alerts know that we advocated for passage of the ABLE Act in the 111th Congress. That term ended without passage of the bill however we are pleased to report that a new ABLE Act will soon be introduced in the current Congress.
To encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independent, and quality of life.
To provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not replace, benefits provided through private insurances, the Medicaid program, the supplemental security income program, the beneficiary’s employment, and other sources.
Created under Existing 529 Codes for Qualified Tuition Programs:
Qualified Disability Expenses:
How to Qualify for an ABLE Account:
Any individual who is receiving, deemed to be, or treated as receiving supplemental security income benefits or disability benefits under Title II of the Social Security Act.
Any individual who has a medically determined physical or mental impairment, which results in marked and severe functional limitations, and which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 month or is blind, and provides a copy of their diagnosis signed by a physician.
No one who qualifies for an ABLE account is able to use that eligibility to secure supplemental security income benefits or Medicaid.
Federal Treatment of ABLE Account under Supplemental Security Income Program:
When the assets in an ABLE account reach $100,000, if the beneficiary is receiving Supplemental Security Income (SSI) benefits, any monthly SSI benefits will be placed in suspension
If the assets in the ABLE account drop back below $100,000, the SSI benefit suspension ceases and any SSI benefit resumes
The beneficiary will not have to reapply for SSI benefits once the account drops back below the $100,000 threshold
No Impact on Medicaid Eligibility:
Under no circumstance will anyone with an ABLE account who is currently receiving Medicaid benefits lose their benefits – even if their SSI benefits are suspended
The beneficiary will never lose their eligibility for Medicaid based on the assets held in their ABLE account
Medicaid Payback Provision:
In the event the qualified beneficiary dies (or ceases to be an individual with a disability) with remaining assets in an ABLE account:
The assets in the ABLE Account are first distributed to any State Medicaid plan that provided medical assistance to the designated beneficiary.
The amount of any such Medicaid payback is calculated based on amounts paid by Medicaid after the creation of the ABLE Account.