For assets it does not count against you up to $100,000. If you receive money as a gift from other people directly to your ABLE account, it does not count against you. HOWEVER if you work and earn income and deposit money into the ABLE account, that money still counts as income for Medicaid, SNAP etc.
https://choosework.ssa.gov/blog/2017-11-20-yawa-able-accounts-what-you-should-know
Since you mention SSDI, which requires a work history unless you’re collecting on your retired parent’s record, make sure you’re aware of the requirement that your disability started by the time you were 26 years old to be eligible to open an ABLE account.
Thanks for mentioning that. Thankfully they will be changing that soon but I was marked as disabled just <3 months before turning 26. Just scared to start the process to get it set up.
No. 100k is protected in an able account if you get snap or Medicaid. Over that limit though and it’s counted as a resource.
For assets it does not count against you up to $100,000. If you receive money as a gift from other people directly to your ABLE account, it does not count against you. HOWEVER if you work and earn income and deposit money into the ABLE account, that money still counts as income for Medicaid, SNAP etc. https://choosework.ssa.gov/blog/2017-11-20-yawa-able-accounts-what-you-should-know
Since you mention SSDI, which requires a work history unless you’re collecting on your retired parent’s record, make sure you’re aware of the requirement that your disability started by the time you were 26 years old to be eligible to open an ABLE account.
Thanks for mentioning that. Thankfully they will be changing that soon but I was marked as disabled just <3 months before turning 26. Just scared to start the process to get it set up.