Stimulus Payments and ABLE Accounts

Stimulus Payments and ABLE Accounts   

With the passage of the most recent federal stimulus package, adult dependents may be eligible for a stimulus check. If you or your loved one recently received a stimulus payment, now might be a good time to consider saving it in a Texas ABLE account. 

Why are ABLE accounts important?

ABLE-eligible individuals and their families can save funds in an ABLE account while keeping eligibility for benefits like Supplemental Security Income (SSI), Medicaid and HUD. Putting the stimulus funds in the ABLE account allows individuals to retain any unspent stimulus funds held past 12 months in the ABLE account without it counting against their SSI eligibility.  We’ve compiled a list of frequently asked questions and invite you to learn more.

Use our eligibility wizard to see if you or your loved one is eligible to open a Texas ABLE account.

 

 

Other than FDIC insurance for the Bank Savings Account Option, accounts are not insured or guaranteed and could lose money (including the principal invested). Before investing in the Program, investors should carefully consider the federal and state tax consequences, possible negative effects on eligibility for federal or state benefits, possible Medicaid recapture, investment objectives, risks, administrative fees, service and other charges and expenses associated with the Program. The Program Disclosure Statement and Participation Agreement contains this and other information about the Program and may be obtained by visiting TexasABLE.org or by calling 844-4TX-ABLE (844-489-2253). Investors should read the Program Disclosure Statement and Participation Agreement carefully before investing.