The NY ABLE Program allows New York State residents with disabilities to save money for their disability-related expenses without the risk of losing benefits from assistance programs like Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI) and Medicaid.
NY ABLE also provides tax advantages. Earnings on accounts can grow tax-free if funds are used for qualified disability expenses when withdrawn. Investment options can provide short-term or long-term savings based on the account owner’s objectives, and a checking account and debit card can be used for convenient access to funds as needed.
To be eligible, an individual must be a New York State resident with a disability that was present before age 26 AND:
- be eligible for SSI or SSDI; OR
- be classified as blind; OR
- have a significant disability documented by a physician; OR
- have a disability that is included on the Social Security Administration’s Compassionate Allowances List.
One account per individual is permitted. Anyone can contribute to an individual’s NY ABLE account. The maximum net contribution is $14,000 per year and the maximum account balance is $100,000.
For more information, including details regarding the terms and conditions of the NY ABLE program, go to mynyable.org or call our toll-free number (1-855-5NY-ABLE) weekdays from 8 AM to 8 PM.