Able UP Frequently Asked Questions
What is an Able UP account?
An Able UP account is a savings and investment account designed for eligible people with disabilities or qualifying medical conditions. It helps Account Owners/Beneficiaries save for disability-related expenses while building greater financial independence.
You can use the account to save for current needs and future expenses, including health care, education, housing, transportation, assistive technology, and other Qualified Disability Expenses.
Who is eligible for an Able UP account?
Able UP is available to eligible people with disabilities or qualifying medical conditions that began before age 46.
Able UP, formerly Illinois ABLE, allows eligible individuals and their families to save and invest for Qualified Disability Expenses while maintaining access to certain federal benefits.
Do I have to live in Illinois to open an Able UP account?
No. You do not have to live in Illinois to open an Able UP account. Eligible U.S. citizens and legal residents may open an account regardless of the state where they live.
Illinois taxpayers who contribute to an Able UP account may be eligible for an Illinois state income tax deduction, subject to applicable limits and requirements.
- Learn more: Get started with an Able UP account.
What can I use an Able UP account for?
You can use money from an Able UP account to pay for Qualified Disability Expenses. These are expenses that support the Account Owner/Beneficiary’s health, independence, or quality of life.
Examples may include housing, transportation, education, therapy, health and wellness, assistive technology, everyday living costs, and other disability-related needs.
Who can contribute to an Able UP account?
The Account Owner/Beneficiary, family members, friends, employers, and others can contribute to an Able UP account, subject to annual contribution limits.
Account Owners/Beneficiaries and Authorized Legal Representatives can also share a personalized gifting page, making it easy for family and friends to contribute directly to the account.
Contributions can help pay for everyday needs, prepare for future expenses, and support greater financial independence.
- Learn more: See the different ways you, family members, and others can contribute to an Able UP account.
Does an Able UP account affect SSI or Medicaid benefits?
An Able UP account can help eligible people with disabilities or qualifying medical conditions save for Qualified Disability Expenses while maintaining eligibility for certain public benefits, including SSI and Medicaid.
Funds in an Able UP account generally do not count toward SSI’s standard $2,000 resource limit. For people receiving SSI, up to $100,000 in an Able UP account is generally excluded from the SSI resource limit.
Medicaid eligibility is generally not affected by the Able UP account balance, although Account Owners/Beneficiaries should understand how withdrawals and the use of funds may affect their individual benefits.
Can I choose how my Able UP account is invested?
Yes. Able UP offers six risk-based investment options with different levels of risk, plus an FDIC-insured Savings Option.
Account Owners/Beneficiaries can choose one option or spread their money across multiple options based on their savings goals, timeline, and comfort with investment risk.