Last night I attended “The Gathering” which is a open group meeting held by NAMI Pierce for the community. A local affiliate that I am a member of and involved with. NAMI stands for National Alliance on Mental Illness for those who may not have known.
This would be my first time attending the gathering event. I’m so glad I went because the topic of discussion was about the new ABLE accounts for individuals with disabilities.
I had already heard about this service finally being offered in our state but didn’t know all the details.
There are some good benefits to having an ABLE account. The fact that the individual is allowed to save more than $2000 in their account without it being considered an asset with a maximum of up to $100k saved. And in this ABLE account those funds aren’t considered an asset when and if the individual should need to apply for Washington Apple Health, DSHS SNAP, TANF, food stamps, DCYF (childcare), HUD section 8 are all ABLE exemptions. Pretty cool right?
I also learned the qualifying expenses to spend from the ABLE account are basic living costs, housing, transportation, education, assistive technology, employment training, personal support services, legal fees, funeral, burial expenses, health and wellness, financial management costs. So in otherwords, they are able to spend on groceries, dining out, pay rent, and all the other things necessary to utilize their monies for.
There were a few downsides I wasn’t too fond about but it might be seen as beneficial for others. The individual would NOT have any access to withdrawing cash from a bank or ATM. Although I did ask the question, what if the individual uses their prepaid MasterCard at the grocery store and tries getting cash back at the register? I wasn’t given an adequate answer, instead I was told, “their not supposed to do that.” So I reiterated once more, “so their not supposed but they can, or their not supposed to and they won’t be given this access?” Still no clear answer, just informed that because the program is so new, kinks are still being worked out. So if anyone reading this actually knows the facts please comment to share that helpful info.
The other thing I wasn’t too fond of is that there us a $10 minimum transaction amount, and a $15k withdrawal amount. The number of withdrawals are unlimited daily and no transaction fee. But in order to spend from the account, it is only by online purchases, paper check, or their option of prepaid MasterCard. And its advised the individual use the funds for qualified disability expenses ONLY, and maintain records of their purchases.
There is also a fee for the prepaid card. It’s $1.25 per month so I had asked if they load $10 and don’t wind up spending the $10 does it fee itself out from being dormant over the period of say 8 months? Answer was yes. So basically, don’t load the card unless you know those funds are going to be spent. Again, there is no access at an ATM, or any financial institution. It’s is also prohibited for online gambling or illegal transactions which is a good thing.
The other downside, is that because this is NOT a credit card with a line of credit, if they use it for reserving a hotel stay, rental car, or things of that nature, they need to make sure to load the appropriate amount of funds in the event that the company may decide to preauthorize a set amount to hold their reservation. Meaning that set amount is not accessible to the individual until that hold falls off.
I could go on and on about all the details of the ABLE accounts but I would rather anyone who’s truly interested to inquire for the accurate information themselves. You can click the link within this article here to go directly to the website, or you can find the link on the main page of my website listed under resources.
So that’s a little bit of information to share with others who receive SSI, SSDI or are disabled who don’t receive these benefits but their disability occurred prior to the age of 26 and would meet the criteria.
I hope I was able to enlighten someone with this small wealth of information. One last thing I will provide here are 2 present contacts for these ABLE accounts with Washington State which may be difficult to find on the website.
Peter Tassoni, Disability Workgroup Manager – (360) 725-3125 firstname.lastname@example.org
Chris Gagnon (360) 725-3131 Christina.email@example.com
FYI- At times I share other people’s articles to help them gain exposure or to help spread awareness about their journey with their life. I’m here to help others and to advocate for what I believe in. I’m here to be the voice for others who haven’t found the courage to use their own yet, but still want to get a message out. I’m here as a mom, advocate and friend, not a Mental health professional. Just using my experiences and knowledge to hopefully help others who are uninformed.
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