Are you on SSI? Learn how to keep more than $2,000 in the bank, by opening a ok NYABLE account.

What are the qualifications and process for opening an ABLE account in New York State.

What is an ABLE Account?

An ABLE (Achieving a Better Life Experience) account is a tax-advantaged savings account available to individuals with disabilities. It allows them to save money without jeopardizing their eligibility for specific government benefits.

Key Features

- Tax Benefits: Contributions to ABLE accounts grow tax-free, and withdrawals for qualified expenses are also tax-free.

- Contributions: Contributions to an ABLE account can come from the account holder, family members, and friends, capped at a certain annual limit.

- Balance Limit: As of 2025, the total account balance must not exceed $100,000 for eligibility for means-tested benefits like SSI.

Eligibility Requirements

1. Disability Verification: You must have a significant disability occurring before age 26. Disabilities include physical or mental impairments that substantially limit one or more major life activities.

2. Certification: You'll need to certify your disability status through appropriate documentation, such as a doctor’s letter or proof of eligibility for disability benefits (e.g., SSI or SSDI).

3. Residency: Must be a resident of New York State or maintain residency in another state that offers an ABLE account program.

ABLE Account Rules and Regulations

- Qualified Expenses: Funds in an ABLE account can be used for qualified disability expenses, including:

- Education

- Housing

- Transportation

- Employment training and support

- Healthcare

- Assistive technology

- Financial management and administrative services

- Contribution Limits: Contributions are limited to $17,000 per year (as of 2025), and employers can also contribute through payroll deduction.

How to Open an ABLE Account in New York

1. Choose an ABLE Program: New York's ABLE program is called "NY ABLE." You can open an account through the NY ABLE website.

2. Complete the Application: Fill out the online application, providing necessary personal details and documentation confirming your disability.

3. Deposit Funds: You can contribute funds as specified under the contribution limits.

4. Manage Your Account: Once open, manage your account online, track your spending, and monitor your balance.

Important Considerations

- Impact on Benefits: Funds in an ABLE account do not count toward the $2,000 resource limit for SSI and other means-tested programs, up to the $100,000 cap.

- Account Maintenance Fees: Be aware of any fees associated with account maintenance or transactions; many ABLE programs strive to minimize costs.

Summary of ABLE Account Information in New York

Account Limit: Up to $100,000 for means-tested benefits

Contributions: $17,000 annual limit (2025)

Qualified Expenses: Education, housing, transportation, healthcare

Tax Benefits: Tax-free growth and withdrawals for qualified expenses

Residency: Must be a resident of New York State

Resources

- NY ABLE Program: Visit the NY ABLE (https://www.ny-able.org) website for more information and to apply.

My New York able account.

- Disability Resources: Contact local disability advocacy groups or state organizations for assistance in completing the application process or understanding eligible expenses.

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