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Known as 529 Able or 529A accounts, the special accounts are modeled somewhat on the 529 college savings account. Able accounts were made possible by the Achieving a Better Life Experience Act of 2014, also called the ABLE Act.
Advocates for the disabled say the accounts are sorely needed. Without them, it’s hard for people with disabilities and their families to save without running afoul of limits on the funds they can accumulate, and still qualify for some government benefits. For instance, to remain eligible forMedicaid health coverage or Supplemental Security Income, which assists low-income people who are disabled, a disabled person generally can’t have more than $2,000 in savings or other assets.
Funds in an Able account, however, won’t count toward that total. So a disabled person can save for the future, or use the money for a range of needs, like health care, transportation and education, without risking the loss of government help.