New Jersey issues Guidance on ABLE accounts and Medicaid
Hot off the presses, the State of New Jersey has just released its Med-Com concerning the treatment of ABLE accounts by the New Jersey Medicaid programs. Here it is – Med-Com 19-09 ABLE Act
Up to $305,000 that is held in an ABLE account will be excluded from consideration as a “resource” for purposes of NJ Medicaid programs (the limits is $100,000 for SSI). The accounts can...
Guidance issued on ABLE Accounts, Medicaid and SSI
The Centers for Medicare and Medicaid Services (CMS) has finally issued some guidance on the use and funding of ABLE accounts for individuals with disabilities, and guidance on the way the ABLE statute intersects with the strict financial requirements of the Supplemental Security Income (SSI) and Medicaid programs. The federal statute (the ABLE Act) created an opportunity to create a fund to...
Ideas for use of ABLE Accounts
When an individual with disabilities needs the primary support that’s available through means-tested benefits such as Medicaid Long Term Services and Supports (MLTSS) or SSI or HUD housing, having excess resources creates a barrier to eligibility. First party Special Needs Trusts for sole benefit of the disabled individual are often the strategy of choice, as the disabled individual can...
Social Security procedures created for ABLE accounts
A year ago, the ABLE act was included in the Tax Extenders Package that was signed into law by president Obama. The ABLE Act is an amendment to section 529 of the Internal Revenue Code, which as you may know, provides for transfers into education funds whereby the income generated by the funds grows tax free. The ABLE Act provides a way for people who were diagnosed with a significant...