IL ABLE allows children with disabilities to have financial independence without losing their federal needs-based benefits.
The Illinois Achieving a Better Life Experience Act -- or IL ABLE -- is a savings and investment plan for people with disabilities and their families to save for disability related expenses.
State Treasurer Michael Frerichs says these accounts are not counted as a resource or asset in determining needs-based benefits like Supplemental Security Income or Medicaid.
“Parents who have children with severe disabilities. They want to leave something for their kid as well. And they've been unable to in the past because if their child qualifies for federal benefits, SSI benefits, they're limited to two thousand dollars in assets that means if a child has two thousand one dollar sitting in a bank account, they lose their benefits.”
Account holders can save up to one hundred thousand dollars without affecting their benefits. You can get more information at illinois-able-dot-com.
