In 2017 Indiana proudly launched its own ABLE plan, INvestABLE Indiana. Since its inception, INvestABLE Indiana has been providing eligible Hoosier account owners the ability to save well beyond what is typically a $2,000 resource limit for many benefits, with a current average account balance of over $6,000.
Who is eligible for the ABLE Act?
The ABLE Act limits eligibility to individuals with significant disabilities with an age of onset of disability before turning 26 years of age. If you meet this age criterion and are also already receiving benefits under SSI and/or SSDI, you are automatically eligible to establish an ABLE account.
Can you pay rent with an ABLE account?
You can use money from an ABLE account for housing expenses. If you’re eligible for SSI, the money must be used within the month it was withdrawn so it doesn’t affect your SSI eligibility. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8.
What is an ABLE account for a disabled child?
ABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act. ABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI, or SSDI.
How do I open a ABLE account in Indiana?
Consumers can open an account by going to the website: or by calling (888) 609-3457. Indiana allows non- residents to participate in the state’s ABLE plan. No more than the annual gift-tax exemption (currently $14,000) may be contributed to an individual’s ABLE account yearly.
How does an ABLE account work?
ABLE accounts are tax-advantaged savings and investment accounts for individuals with disabilities. ABLE account owners – both those who receive and those who do not receive public benefits – may save for qualified disability expenses related to transportation, health care, housing, education, retirement and more.
How much can you have in an ABLE account?
Are there limits to how much money can be put in an ABLE account? The total annual contributions by all participating individuals, including family and friends, for a single tax year is $15,000.
Can you buy food with an ABLE account?
An ABLEnow account may be used to pay for the account owner’s groceries, food delivery, restaurant meals, takeout and more. Unlike a SNT, which classifies food expenses as income, an ABLE account can be used to pay for food without impacting means-tested Supplemental Security Income (SSI) benefits.
Who funds an ABLE account?
The individual with the disability is the ABLE account owner. The account owner, family, friends, an employer or the account owner’s Special Needs Trust (SNT) may contribute funds into the account.
What is Indiana able account?
ABLE (A.B.L.E.) is an acronym for Achieving a Better Life Experience. The ABLE Act was passed in December 2014, and it allows people with disabilities and their families to set up a tax-free savings account that can be used to pay for expenses related to the person’s disability.
