If the assets in an ABLE account reach $100,000, and the beneficiary is receiving Supplemental Security Income (SSI) benefits, these SSI benefits will be suspended. Once the assets in the ABLE account fall below $100,000, the SSI benefit suspension ceases and monthly SSI benefits resume. The beneficiary will not have to reapply for SSI benefits once the account drops back below the $100,000 threshold.
Individuals can save up to $450,000 in an NC ABLE account and continue to qualify for Medicaid.
Is there a Medicaid payback provision?
Yes. When the qualified beneficiary (the person who "owns" the ABLE account) dies with remaining assets in an ABLE account:, the assets in the ABLE Account may be used to “pay back” any state Medicaid plan up to the value of Medicaid services provided to the beneficiary after the account was opened. The amount is calculated after 1) any outstanding qualified disability expenses are paid, 2) after any funeral and burial expenses for the qualified beneficiary are paid, and 3) any Medicaid premiums paid by the beneficiary are subtracted.
HOW DO I ENROLL in the NC ABLE Program?
To enroll, eligible individuals, or their
parent/guardian, should visit:
The simple, online process takes
just a few minutes. No special medical forms are required. NC ABLE accounts are
not opened at banks or with financial planners.
For assistance with the enrollment process, call the NC ABLE Program
Customer Service Center toll-free at 888-627-7503, Monday - Friday, 8:00 am - 5:00 pm ET.
Paper enrollment will be available beginning
in April 2017.
NC ABLE accounts are available
NATIONWIDE to all eligible individuals, regardless of where they live.
can find more information about ABLE and ABLE accounts, including other state programs, at the ABLE National
Resource Center, a national nonprofit organization dedicated to sharing information about ABLE, at www.ABLEnrc.org.
If you have questions about NC ABLE, please contact:
Deputy Director, Supplemental Retirement Plans
North Carolina Department of State Treasurer