There is a limit at which SSI is suspended, as well as a total monetary limit at which your account balance cannot exceed. To learn more about these restrictions, visit www.ablenow.com
An Achieving a Better Life Experience (ABLE) account is a tax-advantaged savings account for individuals with disabilities, providing a new way to save, invest, and pay for qualified disability expenses without jeopardizing eligibility for certain means-tested benefit programs.
PNC is dedicated to the financial inclusion of individuals with disabilities, and has teamed up with a national leader in 529 savings accounts to bring the ABLEnow program to life.
ABLEnow is tailored to meet the needs of the disability community with an easy-to-use debit card for daily expenses, auto-sweep functionality for maximizing investment ease, and a gifting portal that allows family and friends to contribute.
Take the Eligibility Quiz to see if you or someone you know qualifies.
For too long, people with disabilities could not save for the future out of fear of losing their benefits. Advocates fought hard to change this, resulting in the federal ABLE Act and the ABLEnow program.
ABLEnow accounts are made possible by the Stephen Beck Jr., Achieving a Better Life Experience (ABLE) Act of 2014, considered the most significant federal legislation to address the needs of persons with disabilities since the Americans with Disabilities Act. The ABLE Act authorized states to establish tax-advantaged savings programs for individuals with disabilities.
Money in your ABLEnow account may be used to pay for Qualified Disability Expenses. An expense is “qualified" if:
Each person is unique and the needs of individuals can vary depending on the disability, circumstances and specific treatment.
ABLEnow accounts may be used to pay for a variety of expenses related to maintaining the Eligible Individual’s health, independence and quality of life. The major categories of expenses include:
An ABLEnow account is disregarded when determining certain federal benefit eligibility with the following two exceptions for individuals receiving Supplemental Security Income (SSI):
Annual contributions to an ABLEnow account are currently limited to $17,000. Working account owners who do not participate in an employer-sponsored retirement plan may be eligible to contribute above the annual ABLE contribution limit.
The cumulative ABLEnow account value limit is currently $550,000.
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