Watch the Savings Add up
With Maryland ABLE, you can contribute up to $14,000 per year ($15,000 beginning in 2018) for a wide range of qualified disability expenses.
The account’s growth is tax-free and your contributions could qualify for an income deduction on your Maryland State taxes.
Best of all, you can make contributions up to a maximum account value of $350,000 over the life of the account, and save up to $100,000 before impacting SSI limits for cash benefits. Other federal means-tested benefits such as Medicaid, housing and food assistance are not impacted by the balance of your ABLE account. Similarly, ABLE account balances are disregarded for the purpose of determining eligibility to receive, or the amount of, any assistance or benefits from Maryland means-tested programs.