One of the main benefits of having an ABLE account is being able to save for eligible expenses and invest for the future in a tax-advantaged account. As long as your balance stays below the $100,000 SSI limit, you can keep your SSI benefits and still qualify for Medicaid and other federal benefits (regardless of the amount saved in your account). Other benefits include a prepaid card to use for eligible expenses and a simple and intuitive online platform to manage your account.
Best of all, the account grows tax free in addition to receiving state tax benefits for ABLE accounts and 529 plan accounts. For 2016, the deduction is $4,620 for taxpayers filing jointly and $2,310. for single filers. The deadline for 2016 is April 15, 2017. For 2017, the deduction is $4,660 for taxpayers filing jointly and $2,330 for single filers.