ABLEnow blog

ABLE to Save Your Stimulus?

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Expecting a federal stimulus payment? It might be a good time to consider saving with ABLEnow.

Although stimulus payments are not treated as income by most federal, state and local programs, funds not spent within 12 months will count as resources and could impact eligibility for means-tested programs such as Medicaid and Supplemental Security Income (SSI).

Prefer to have more flexibility? ABLE-eligible individuals may want to save all or a portion of their stimulus payment in a tax-advantaged ABLEnow account.

If funds are not needed immediately, the stimulus is an opportunity to build an emergency fund, invest for the future, and have money available on your ABLEnow Card when you need it most.

Funds in an ABLEnow account can be spent on a wide range of qualified disability expenses without compromising the account owner’s eligibility for certain benefits that provide income, health care, food and housing assistance. Plus, ABLEnow accounts are more accessible than ever, with recent enhancements such as the industry’s first mobile app and mobile wallet functionality.

For more information, view these FAQs on stimulus payments and ABLE accounts (pdf). Seek the advice of a professional on maximizing the benefits of an ABLE account.

Eligible individuals can open an ABLEnow account online.

Information as of December 23, 2020.

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