A final rule has been issued that states money in an ABLE account is not counted for purposes of determining SNAP eligibility. Up until now, funds in ABLE accounts were not specifically excluded from eligibility calculations for SNAP benefits. That changed on March 7, 2017, when the amendment went into effect.
The SNAP program provides food assistance to eligible, low-income individuals and families, including those with disabilities. According to the USDA’s Food and Nutrition Service, its food assistance programs serve one in six Americans. Generally, eligibility is based on several factors, including resources such as bank accounts and income, with some special rules for individuals with disabilities.
Under the ABLE Act, people with disabilities are allowed to establish tax-free savings accounts where they can save up to $100,000 without compromising their Social Security, MassHealth, and now SNAP benefits. Individuals who have a disability that occurred before age 26 can deposit up to $14,000 in an ABLE account each year. Although Massachusetts’ ABLE is not yet open, other states have ABLE Accounts which we can use, including Ohio: Stableaccount.com.
For legal assistance with your loved one with special needs, contact Karen Mariscal at KBM@Margolis.com.