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ABLE Program Fact Sheet
Millions of individuals with disabilities rely on public benefits for health care, food, housing, and income. Previously, a means or asset test on Social Security Income (SSI), Social Security Disability Insurance (SSDI), and other programs prohibits benefits recipients from building savings over $2000. Essentially, to remain eligible for much needed benefits programs, an individual had to remain poor and financially insecure.
The ABLE program will help to ease the financial strains faced by young individuals with disabilities by allowing them to open tax-free savings accounts for qualified expenses. Money saved in these ABLE Accounts will not be counted against them when applying for federal benefits programs.
The Illinois State Treasurer will administer the ABLE Program and is currently working on implementation. You can learn more on the State Treasurer’s website.