Through Illinois ABLE, individuals and families can save up to $14,000 each year in a federally tax-advantaged savings program and invest those funds for disability-related expenses. Illinois ABLE works like the 529 College Savings program – using the program does not put federal means tested benefits at risk.
To qualify for the program, individuals must have been disabled before the age of 26. They must be entitled to benefits based on disability or blindness under Title II or XVI of the Social Security Act or have a disability certification on file with the Treasury Secretary.
This program is part of the National ABLE Alliance, which includes 14 states and is administered by the State Treasurer.
ABLE funds can be used for expenses related to disability or blindness. This includes expenses for housing, transportation, education, health, prevention and wellness, assistive technology and personal support services, employment training and support, financial management and administrative services , oversight and monitoring, legal fees, and funeral and burial.
Money that is deposited into an ABLE account remains under the account owner’s control. State agencies and the treasurer’s office are not able to apply the funds for their own use.
For more information about the program, click here. To sign up for an ABLE account, click here.