For more information about ABLE accounts, please visit www.SavewithABLE.com .
Who Would Qualify and Other Rules To qualify for an ABLE account, the account owner must have developed the disability or blindness before the age of 26. A person meeting the age requirement who qualifies for Social Security Administration benefits, or has received a waiver from the IRS, will qualify for an ABLE account.
ABLE investment can grow up to $100,000 and not impact eligibility for Social Security Income or other means-tested programs at the federal level. When an ABLE account balance exceeds the $100,000 cap, Social Security Income benefits are suspended. The benefits automatically resume if the account value falls below $100,000. ABLE balances have no implications on Medicaid eligibility.
Investment growth is tax- free at the federal level when used for qualifying purchases, such as medical services, transportation and job training.
About Ascensus Ascensus is the largest independent retirement and college savings services provider in the United States, helping over 7 million Americans save for the future. With more than 35 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 47,000 retirement plans, over 3.9 million 529 college savings accounts, and a growing number of ABLE savings accounts. It also administers more than 1.5 million IRAs and health savings accounts and is home to one of the largest ERISA consulting teams in the country. For more information about Ascensus, visit http://www.ascensus.com.
-END-