Good news! Minnesota and a handful of other states are now accepting enrollment into its Minnesota ABLE program, called the Minnesota ABLE Plan.Financial tips are always beneficial to take advantage of, and we want to provide you with another. For individuals who have disabilities and want to have, or want to save money, without jeopardizing their federal benefits.
What is an ABLE Account?
Minnesota ABLE accounts are bank accounts that allow people with special needs to save money
without jeopardizing their disability benefits. ABLE accounts are derived from the federal ABLE, or what they call Achieving a Better Life Experience Act.
No More Fear of Losing Assistance
However, these accounts are established and managed at the state level. What this means is individuals with special needs can now save money without the fear of penalty against their eligibility for SSI, Medicaid, or other government benefits. Prior to the enactment of this legislation, those who had special needs could not save money they earned or inherited or received through gifts that were over the federal limits to receive federal support without the fear of losing said benefits.
For more information about the Minnesota ABLE, you can go to the Minnesota website, https://savewithABLE.com/mn/home.html. Account limits are $100,000 to maintain eligibility for SSI. That’s the max, but if you go over it, that’s when you may risk losing SSI benefits. Open to out-of-state residents. Minimal account to open is $25. Account fees are about $15 per quarter.
If you have any questions or comments, please contact us at [email protected] or call us at (651) 243-3367