You can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.) with an ABLE account. If you receive SSI, there is a $100,000 limit before Social Security benefits are affected. As long as the money withdrawn is used for eligible expenses, it won’t count towards the limit. Don’t forget that all housing expenses must be paid in the same month the money is withdrawn or be reported as income. All other benefits, like Section 8, are protected regardless of the amount saved in the account.
For SSI benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 asset limit. Other federal and Maryland state means-tested benefits are not affected, regardless of the balance in the account.
Once you are ready to enroll, you can set up your account here on line. When opening a Maryland ABLE account, have ready information about the beneficiary, qualifying disability, and how the ABLE account will be funded.
Here are a few ways to get answers. You can contact us online, give us a call Monday through Friday, at 1-855-563-2253 or 1-844-888-2253 (TTY) from 9am-8pm ET, or you can browse frequently asked questions.