Learn the Facts
Many people with disabilities have received an Economic Impact Payment from the federal government. The payment is often called a “stimulus payment,” and many people have questions. Read here for answers!
What is an Economic Impact Payment?
The government is giving people an Economic Impact Payment, often called a stimulus payment, of $1,200. Some will get $500 more if they have a child they support. They can spend it any way they want. The stimulus payment is meant to help our country’s struggling businesses and communities during the COVID-19 pandemic.
What do I need to know about the stimulus payment and SSI benefits?
If you are already getting monthly Social Security benefits you will get the stimulus payment the same way you receive your monthly benefits payment. If you are getting SSI benefits and you don’t spend your stimulus payment within 12 months of receiving it, the stimulus funds could count as an asset and could reduce your benefits
Can I deposit the stimulus payment into an IL ABLE Account?
Yes! You can put all or part of your stimulus payment into an IL ABLE account. That way, you don’t have to worry about spending the money right away if you don’t need to. Putting the payment in an IL ABLE account can give you flexibility. Plus, it will have the same benefits protection that the other money in your ABLE account has.
Why should I consider putting some, or all, of this payment into an IL ABLE account?
An IL ABLE account can help you save for things that are not covered by benefits. If you don’t need to use the stimulus payment for things right now, you could use it to start saving. You can save for whatever you need to be independent and participate in your community. That includes adaptive equipment, a vehicle, a home, assistive technology, personal support services, and many other expenses. You can also use an IL ABLE account to set aside funds for emergencies.
How does an IL ABLE account help me keep from exceeding my $2,000 asset limit?
Funds in your ABLE account are not counted toward your $2,000 asset limit. You will not lose your benefits or lose eligibility for federal benefits (like SSI, SSDI, Medicaid and HUD) by owning an IL ABLE account. You can save up to $100,000 in your ABLE account and still receive your monthly SSI benefits.
IL ABLE teamed up with the Illinois Council on Developmental Disabilities, the Arc of Illinois and the Illinois Association of Rehabilitation Facilities to provide even more answers to your questions.
Click here for the pre-recorded Webinar on Stimulus Payments and IL ABLE.
Are you ready to open an IL ABLE account? Enroll at IL ABLE.
More questions? Call Customer Service call 888-609-8683, 8am – 5pm, CT, Monday through Friday.