Anyone who has ever received Supplemental Security Income because they are disabled knows that SSI is not a program that, on its own, can provide enough income or benefits to live in a decent living situation. A bill, the Achieving a Better Life Experience Act (ABLE), is currently before congress and supporters have their fingers crossed that Congress will vote on the proposal before session ends. The passage could create a better way of life for SSI recipients.
Currently, SSI recipients are limited to no more than $2000 in total assets and receive a maximum of $721 per month to live on. These recipients don’t have enough work credits to qualifying for another disability program, Social Security Disability Insurance (SSDI), which on average pays recipients about 25 percent more, and find it difficult to survive on an amount which is below the poverty level.
In general, the SSI program discourages recipients from working or trying to earn any income because anything they do earn will be counted against their monthly SSI benefits and ultimately could make them ineligible for SSI in the future.
The ABLE Act would allow SSI recipients and family members who care for SSI recipients to create accounts similar to 529 accounts that allow families to save for college educations. The program would allow for families of SSI recipients to put money aside for long-term expenses like education, housing or transportation without counting towards the current asset limits of SSI.
There is hope that the ABLE Act will be passed by both the Senate and U.S. House as there are more than 400 co-sponsors of the bill, but as is the case with anything dependant on the Congress, it is anything but a certainty to pass. For more information about the ABLE Act click here.
