ABLE Accounts (Achieving a Better Life Experience)
January 26 is the start date for consumers to open an ABLE Nevada account.
The Achieving a Better Life Experience (ABLE) Act was recently passed by the U.S. Congress and signed by President Obama. Under the new law, a person with a disability and that person’s family may put money into a special tax-advantaged account. The first $100,000 in an ABLE account will not count against the $2000 Supplemental Security Income (SSI) resource limit, nor will it count against asset limits other programs, such as Medical Assistance, may have.
This new work incentive is a big deal: It means that if you get a job, you can start saving up some money without losing your benefits.
Information and Restrictions for ABLE Nevada
As with other types of tax-advantaged accounts, like 529 educational expense accounts and retirement accounts, ABLE accounts have restrictions:
- They are only for people whose disabilities began before they turned 26.
- They can only be opened through specific programs or institutions.
- A person with a disability and that person’s family may not contribute more than a combined total of $14,000.
- Money in an ABLE account can only be used for specific things such as:
- Help getting and keeping work
- Health care
- Assistive technology
- Other approved expenses
- A person can only have one ABLE account
For more information, or to start an ABLE Account please click on the link below.
Impact on Nevada State Benefits
If you are uncertain of how your Account will impact your State benefits, ask your care coordinator at the state agency you are affiliated with for assistance. For general information about ABLE Nevada accounts, dial 2-1-1; text 898-211; or visit www.nevada211.org or contact Nevada Care Connection – Resource Centers:
Nevada Senior Services
Serving: Clark, Lincoln, Nye, and Esmeralda counties
Access to Healthcare Network - Reno
Serving: Carson, Douglas, Mineral, Storey, and Washoe counties
Access to Healthcare Network - Elko
Serving: Elko, Eureka, Humboldt, Lander, and White Pine counties
Churchill County Senior Center
Serving: Churchill and Pershing counties
Lyon County Human Services
Serving: Lyon county