Insurance Resource Center for Autism and Behavioral Health

ASK THE INSURANCE GURU:

"Dear Guru,

A friend recently told me that I could open a special savings account for my autistic son, called an ABLE account, that would let me put monies aside for things he might need, without impacting his eligibility for Social Security. Do you know anything about these, and where I could get more information?

Sincerely,

Dad in MA"

Dear Dad in MA,

Thank you for writing. Your question is very timely, as my colleagues at the Insurance Resource Center just hosted a Lunch and Learn presentation about ABLE accounts! https://vimeo.com/1197466782?share=copy&fl=sv&fe=ci

ABLE accounts are tax-advantaged savings accounts similar to tuition savings accounts (sometimes called 529 plans), except they are for individuals with autism and other disabilities. The accounts can be used for a range of qualified expenses and are available across the country, regardless of where you live.

Many families find ABLE accounts to be a very helpful tool to save for their loved ones with disabilities and still maintain required asset limits for Social Security and other important benefits.

You can get more information and details about ABLE accounts at the ABLE National Resource Center www.ablenrc.org

Reminder:
I am the Autism Insurance Guru and every week (or as often as I can) I answer your autism insurance related questions here on the AIRC’s page. My advice and wisdom come from years of experience dealing with autism insurance in Massachusetts, but please note anything I share is NOT intended to be legal or medical advice. I will post answers to questions that are submitted.