Contributions into an account can be made by any person, not just the account owner. The ABLE Act places limits on the amount that can be contributed annually and the total account balance.
Total annual contributions into the account, regardless of who made the contribution, cannot exceed $15,000 per calendar year.
Account balances up to and including $100,000 will be disregarded for purposes of determining eligibility to receive resource-based federal benefits. When the total account balance exceeds $100,000, SSI will count that amount as a resource of the account owner, and SSI benefits will be suspended until the account balance falls below $100,000. This suspension does not impact the account owner's ability to receive Medicaid or developmental disability services.
When the total account balance meets a Plan’s maximum balance limit, which varies from Plan to Plan, additional contributions into an ABLE account will not be accepted. The balance, however, can continue to grow beyond the limit.
To determine if you are eligible, call your local Social Security office or your disability benefits advisor.