Illinois Expands ABLE Account Eligibility to 250,000 More Residents with Disabilities

CHICAGO – About 250,000 more Illinois residents with disabilities are now eligible to open ABLE accounts that let them save and invest money without risking federal benefits after a change in state law raised the age limit from 26 to 46. The accounts, overseen by Illinois Treasurer Michael Frerichs, allow people with disabilities to save for housing, transportation, medical care, and other expenses while protecting Supplemental Security Income and Medicaid benefits. The age adjustment also benefits military veterans who meet Social Security Administration criteria for total and permanent disability. Illinois currently has 8,500 ABLE accounts with $121 million saved, and friends and family can contribute to the accounts, which grow tax free when spent on qualified expenses. More information is available at illinoisable.com.