Can an individual open an ABLE account prior to being eligible for Medical assistance (MA)? If so what documentation is required for MA application? Is any portion of the money counted as an asset? If an individual is currently receiving PFDS or Consolidated Waiver, are they able to have an ABLE account established? Does it affect eligibility? Yes, an individual can open an ABLE account prior to being eligible for Medical assistance. They would have to self-certify, which means have a written diagnose from a SSA doctor and the onset of the disability would be prior to the age of 26. I do not believe there is anything that is needed. However, if you get audited, you would have to provide that documentation from a doctor certified with the Social Security Administration. None of the money is counted for any federal means tested benefits with the exception of accounts over $102,000. If the account is over $102,000 then your SSI benefits would be suspended, but not terminated. It would remain that way until the resources fall below the threshold and then the SSI benefits would be active again. Also, Medicaid is not affected and would still continue per usual. The requirements for anyone to open an ABLE account are: The onset of the disability is prior to age 26 and The individual has a physical or mental impairment that results in marked and severe functional limitation and which lasts or is expected to last 12 continuous months or result in death, or the individual is blind. When the consumer passes away, who gets the money left in the ABLE account? I am assuming that the consumer is the account owner, or the person with the disability. If so the money gets turned over to the estate or can be transferred to a sibling if the sibling has a disability. You can use the money for outstanding qualified expenses, and funeral and burial expenses are qualified. Is there any talk in Washington, DC about allowing ABLE contributions to come directly from an IRA account as part of a Required Minimum Distribution (RMD), much like charitable contributions?
Can an individual open an ABLE account prior to being eligible for Medical assistance (MA)? If so what documentation is required for MA application? Is any portion of the money counted as an asset? If an individual is currently receiving PFDS or Consolidated Waiver, are they able to have an ABLE account established? Does it affect eligibility? Yes, an individual can open an ABLE account prior to being eligible for Medical assistance. They would have to self-certify, which means have a written diagnose from a SSA doctor and the onset of the disability would be prior to the age of 26. I do not believe there is anything that is needed. However, if you get audited, you would have to provide that documentation from a doctor certified with the Social Security Administration. None of the money is counted for any federal means tested benefits with the exception of accounts over $102,000. If the account is over $102,000 then your SSI benefits would be suspended, but not terminated. It would remain that way until the resources fall below the threshold and then the SSI benefits would be active again. Also, Medicaid is not affected and would still continue per usual. The requirements for anyone to open an ABLE account are: The onset of the disability is prior to age 26 and The individual has a physical or mental impairment that results in marked and severe functional limitation and which lasts or is expected to last 12 continuous months or result in death, or the individual is blind. When the consumer passes away, who gets the money left in the ABLE account? I am assuming that the consumer is the account owner, or the person with the disability. If so the money gets turned over to the estate or can be transferred to a sibling if the sibling has a disability. You can use the money for outstanding qualified expenses, and funeral and burial expenses are qualified. Is there any talk in Washington, DC about allowing ABLE contributions to come directly from an IRA account as part of a Required Minimum Distribution (RMD), much like charitable contributions?
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