SPRINGFIELD, IL (Chambana Today) — An estimated 250,000 more Illinois residents with disabilities are now eligible to open ABLE accounts, State Treasurer Michael Frerichs announced Monday. The change comes after a new law raised the age limit for eligibility from 26 to 46, expanding access to a savings tool designed to help people with disabilities improve quality of life without jeopardizing federal benefits like Supplemental Security Income (SSI) or Medicaid.
ABLE accounts, created under the Achieving a Better Life Experience (ABLE) Act, allow individuals to save and invest money for disability-related expenses, including housing, transportation, assistive technology, vocational training, and medical costs. Friends and family can also contribute, and account balances up to $100,000 do not affect SSI eligibility.
“Before this change, many adults injured later in life or diagnosed with disabilities after age 26 were excluded,” Frerichs said. “This expansion gives far more Illinoisans the ability to save and plan for their future with independence and dignity.”
Currently, Illinois has about 8,500 ABLE account holders who have collectively saved $121 million. Veterans with qualifying disabilities are also eligible for accounts under the expanded rules.
For more information or to apply for an Illinois ABLE account, visit illinoisable.com.