While we can’t tell you what to do, we think you should check out ABLE Accounts. This is an account that allows you to put in up to $15,000 a year and earn tax-free interest. This money will not affect your eligibility for government benefits like SSI and state-based health insurance (up to a limit of $100,000). ABLE Accounts are only available for individuals who developed their significant disabilities before age 26.
You can use the money you set aside in an ABLE Account for specific disability-related expenses that help you increase or maintain your health, independence or quality of life, including:
- Job training
- Health expenses
- Assistive technology
- Personal support services
- Legal expenses
- Financial fees
Curious why they’re called ABLE Accounts?
The law that established them was called the Achieving a Better Life Experience Act. To learn more about ABLE Accounts in Massachusetts, visit here.