A MiABLE account allows you to save money without disqualifying yourself from certain government benefits and assistance programs. If you or a loved one is interested in applying for a MiABLE account, we recommend contacting an Grand Rapids elder law attorney. They will be able to help you determine eligibility for a MiABLE account so you can save resources and plan for a financially secure future.
In this blog post, our elder law attorneys at Sean Cox Law will go over some of the most commonly asked questions concerning MiABLE accounts. The MiABLE program was signed into law in October 2015 and continues to help people with disabilities and their families to this day.
WHAT IS A MIABLE ACCOUNT?
MiABLE stands for Michigan Achieving a Better Life Experience. The MiABLE account is special because it allows individuals with disabilities to save money without disqualifying themselves from receiving certain government benefits and assistance programs.
HOW CAN I QUALIFY FOR A MIABLE ACCOUNT?
To be eligible for a MiABLE account, you must have been disabled either on or before age 26. You must also be qualified to receive SSI (Supplemental Security Income) or SSDI (Social Security Disability Insurance). To validate your disability, a qualified doctor must have diagnosed your disability as being severe and lasting more than a year.If you are not eligible to receive SSI or SSDI, you may still be able to qualify based on your impairment. An elder law attorney can help you though the process to determine eligibility.
HOW DO I ENROLL?
To enroll for a MiABLE account, please visit the MiABLE website. The website will walk you through the steps to determine eligibility and open an account. A disability law attorney can also help you enroll for the MiABLE account program.
HOW MUCH MONEY CAN I SAVE IN MY MIABLE ACCOUNT?
You can save up to $14,000 a year in a MiABLE account. As the years pass, you’ll be able to save up to $100,000 total.
WHAT ARE THE BENEFITS OF A MIABLE ACCOUNT?
In the state of Michigan, people who receive SSI for their disability cannot have more than $2,000 of countable resources. If you go over this limit, your SSI will be withheld from you for that month until you sell off the excess resources at their estimated value. If you had no other assets, you could only save up to $2,000 in your account. The rules are slightly different for married couples, which allow you to save up to $3,000 in countable resources.
Many people with disabilities and their families live in poverty because they are unable to build resources. However, a MiABLE account allows you to save money for things not covered by SSI, which is listed below for your convenience.
- employment training and support
- assistive technology
- legal fees
- funeral and burial expenses
The goal of a MiABLE account is to help you save private funds that can be used to help you maintain your independence and quality of life.
Sean Cox Law is dedicated to helping the elderly and their families plan for financially secure retirements through quality elder law and estate planning services. If you are interested in hiring one of our elder law lawyers, please feel free to call our elder law attorney in Grand Rapids,MI at(616) 942-6404.