UPDATE: SSA and Representative Payees (RP)

The ABLE NRC regularly communicates with the Social Security Administration (SSA) and recently requested clarification on representative payees and ABLE accounts. The Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) representative payee policy on benefits saved in the ABLE account is the same as the SSA policy on saving benefits in other types of financial accounts such as checking or saving accounts.

However, an ABLE account offers the opportunity for tax-free growth along with up to $100,000 of ABLE account savings not counted towards eligibility or continued eligibility to SSI benefits. No amount of savings, up to the state limit which ranges from $235,000 to $550,000, affects Medicaid or other means-tested benefits. Learn more.