What are ABLE accounts?

The Achieving a Better Life Experience Act (ABLE) account is designed to help individuals with qualifying disabilities save and pay for disability-related expenses while not jeopardizing eligibility to continue receiving government benefits (Medicaid and Supplementary Security Income (SSI)), which are subject to applicable guidelines.

A family member may establish and contribute to a pre-tax savings account for a qualified disabled individual. Any earnings in the account are exempt from current tax. Contributions are not tax deductible. Examples of eligible withdrawals from an ABLE account are housing, higher education and basic living expenses.