Planning for a loved one with a disability can feel overwhelming, especially when trying to ensure they receive the care and financial support they need. Many families worry about how to save money for their child or family member’s future without losing essential benefits like Medicaid or Supplemental Security Income (SSI).
Fortunately, Florida allows individuals with disabilities to open an ABLE (Achieving a Better Life Experience) account, which helps them save money while keeping their benefits intact.
At Elderly Care Law Firm, we specialize in helping families set up ABLE accounts and create long-term financial security for their loved ones. If you’re worried about how an inheritance, a financial gift, or personal savings might affect SSI or Medicaid, an ABLE account may be the perfect solution.
What is an ABLE Account, and How Does It Work?
An ABLE account is a special type of savings account designed to help people with disabilities save money without being penalized by government benefit programs. Normally, if a person on SSI or Medicaid has more than $2,000 in savings, they may lose their benefits. But with an ABLE account, they can save much more without worrying about that risk.
The money in an ABLE account can be used for essential expenses, including:
- Housing and rent
- Education and job training
- Transportation, such as buying a car or paying for Uber/Lyft rides
- Health care, including medical equipment, therapy, and prescriptions
- Assistive technology and personal support services
Because an ABLE account is tax-free, the money in it grows over time, allowing individuals with disabilities to build financial independence without jeopardizing their access to critical support services.
Who Can Open an ABLE Account in Florida?
Not everyone qualifies for an ABLE account. To be eligible in Florida, the individual must:
- Have a disability that began before the age of 26
- Be receiving SSI, SSDI, or meet disability requirements under Social Security rules
- Be a Florida resident
Even if someone isn’t currently receiving SSI or Medicaid, they can still qualify for an ABLE account if they meet the federal definition of disability.
How Much Money Can Be Saved in an ABLE Account?
As of 2025, individuals can contribute up to $18,500 per year into an ABLE account. This limit adjusts annually to keep up with inflation. If the account balance reaches $100,000, SSI payments may be temporarily suspended, but Medicaid coverage will remain unaffected. This makes it an ideal way to save for the future without losing vital medical benefits.
What Are the Benefits of an ABLE Account Over a Regular Savings Account?
One of the biggest mistakes families make is saving money in a regular bank account for a disabled loved one, not realizing it could cost them their SSI or Medicaid.
For example, imagine a father wants to help his adult son with autism by gifting him $5,000. If that money goes into a regular savings account, the son could lose his SSI benefits because his total assets exceed the $2,000 limit. However, if the money is placed in an ABLE account, he keeps his benefits and can use the funds for essential expenses.
What If My Loved One Needs More Than an ABLE Account?
An ABLE account is a great financial tool, but it may not be enough on its own for some individuals. Many families combine an ABLE account with a Special Needs Trust (SNT) for additional protection and long-term planning.
A Special Needs Trust allows family members to leave money to a loved one with disabilities without affecting their Medicaid or SSI benefits. Unlike an ABLE account, a trust has no contribution limits, making it a better option for large inheritances, settlements, or life insurance payouts.
We help families understand whether an ABLE account, a trust, or a combination of both is the right solution for their situation.
How Can a Florida ABLE Accounts Attorney Help?
Setting up an ABLE account may seem simple, but there are rules and restrictions that can impact eligibility and benefits. Our experienced legal team helps families:
- Determine whether an ABLE account is the best option
- Ensure their loved one remains eligible for Medicaid, SSI, and other government programs
- Set up and manage ABLE accounts correctly
- Combine an ABLE account with a Special Needs Trust for maximum protection
If you have a loved one with a disability and want to protect their financial future, we are here to help. Contact us today for a consultation and let us guide you through the best legal and financial options available under Florida law.