More Californians with disabilities can now save money without risking losing certain government benefits.
As of January 1, CalABLE expanded eligibility to include people whose disability began between the ages 26 and 45. Previously, the program was limited to those whose disability started before age 26.
CalABLE allows eligible people to save their money for disability-related expenses. Some of these expenses may include housing, health care, transportation, education, job training, and assistive technology. Savings in a CalABLE account can be used for qualified expenses like these without getting penalized by some public benefit programs. Programs like Supplemental Security Income (SSI) limit eligibility to people with no more than $2,000 in savings to qualify. However, CalABLE tax-free accounts can hold up to $100,000 without affecting SSI eligibility.
Many disabilities begin later in life. Now, more Californians can plan for a future of greater financial security.
Visit the CalABLE webpage to find out about eligibility, how to open an account, and many explanatory videos.