Illinois ABLE Account
IL ABLE “Achieving a Better Life Experience” accounts give people with disabilities and their families greater financial independence while preserving benefits. A high-quality, low-cost IL ABLE savings and investment account can be opened by an eligible individual, or Authorized Individual, at any time, no matter what state you live in.
- Savings in an IL ABLE account are not counted in determining entitlement to any federal needs-based benefits. This includes such programs as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Medical Assistance (Medicaid), Supplemental Nutrition Assistance Program (SNAP), Temporary Assistance for Needy Families (TANF), housing assistance programs, and federal financial aid for higher education.
- If you receive SSI, you can save up to $100,000 in your IL ABLE account and still receive your monthly SSI benefits. At $100,000, SSI benefits are temporarily suspended until the account balance falls below $100,000, and benefits resume. Account Owners will not have to reapply for SSI benefits.
- Even if the ABLE account exceeds $100,000, beneficiaries will not lose Medicaid benefits.
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