An IL ABLE account can take away the worry of where to place a Stimulus Payment to protect SSI Benefits and provide flexibility.
Many people with disabilities received a Stimulus Payment this year (also known as an Economic Impact Payment) and are worried about how unspent funds might affect SSI Benefits.
For people with disabilities who are ABLE-eligible, an IL ABLE account offers a solution:
- All or part of the Stimulus Payment can be put 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 or want to. Some people may choose to save some of the money for later. An IL ABLE account gives you flexibility. Plus, it will have the same benefits protection that the other money in the IL ABLE account has.
- An IL ABLE account makes it possible to save for things that are not covered by benefits. If you don’t need to use the Stimulus Payment right now, you could use it to start saving for something that benefits don’t cover. That includes things like adaptive equipment, a vehicle, a home, assistive technology, personal support services, and many other expenses. You can also use an IL ABLE account to save for emergencies.
- Putting the Stimulus Payment in an IL ABLE account will prevent it from being counted toward the $2,000 SSI resource limit. If you leave the Stimulus Payment in a regular account, whatever is left of the payment will count toward your $2,000 SSI asset limit at the end of one year.
- How does an IL ABLE account protect from the $2,000 SSI resource limit? Funds in the IL ABLE account are not counted toward the$2,000 asset limit. Benefits, or benefits eligibility (like SSI, SSDI, Medicaid and HUD) are preserved by owning an IL ABLE account. You can save up to $100,000 in your IL ABLE account and still receive your monthly SSI benefits. Learn more here.