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.
- Funds you withdraw from your IL ABLE account to use for housing expenses must be spent within the same month you make the withdrawal or your SSI benefits may be affected.
- Assets in your IL ABLE account are not subject to certain Medicaid recovery requirements.
- For Illinois residents, under Illinois state law, the Illinois Department of Health and Family Services (the Illinois Medicaid agency) is not permitted to recover benefits from an IL ABLE account upon the death of the Account Owner, except in specific, limited situations. See the Plan Disclosure Documents and check with your public benefits specialist about your specific circumstances.
To Learn More visit: https://illinoisable.com/