these devices let you have receive government benefits while having assets that would otherwise be above the benefit eligibility requirements. for example, SSI limits people to two thousand dollars assets, but if they have these devices they can get more than that.
what are all ya’ll’s thoughts on these devices? especially if you have them or would consider them.
i do have an ABLE acccount. i thought about getting a special needs trust to protect my money that I can’t put in an ABLE account. the reason i don’t, is because i am a high functioning schizophrenic, and i may be well enough some day to not need a trust. i could get a temporary trust, but i teeter on the edge of whether i’m well enough, to not want to bother with it right now. for me, i make too much income to qualify for a lot of medicaid assistance, but if i cover my assets, i could still get medicaid for workers with disabilities to help with my medicare payments and such.
I have an ABLE account. I put most of my money in it and I also have 35% of my funds invested in some stocks. The market isn’t doing too well right now due to covid 19 so I’m just gonna wait till the market returns back to normal. My brother also has an able account and he bought at a really good time when the market was low due to covid 19. I think ABLE accounts are great. It gives me the freedom to spend my SSI, and SSDI money on things I normally wouldn’t be able too. I also like the investment options it gives you so not only can you save above the 2000$ limit but you can invest and watch your money grow. I put the rest of my funds in the bank safe option which is FDIC insured just in case the market would crash.
i need to look into getting one. im not sure if i qualify, have to talk to a disability lawyer. i believe i’ve been schizophrenic since 19 years old, but i was functional and working, and didn’t start hallucinating til i was 27. i was diagnosed sza when i was 26 or 27, so im not sure if i make the cutoff date.
my first hallucination was on shrooms at age 19. i was disorganized, manic, paranoid, lacked motivation, back then as well. not really delusional, too young to have developed real world delusions, as i lacked experience.
the main reason i want one, is because my meds are so expensive but are working. i would like to be able to keep medicaid to help pay for my invega and also go back to work part time and start investing.
you self certify so it’s not like anyone is going to ask you questions if you qualify for an ABLE account. it’s based on when you became disabled too, not when you were diagnosed. so you could say you were disabled for a long time, before age 26.
i don’t know much about a special needs trust. i need to get with a disability lawyer and explore my options, i will probably wait until i get part time job to set up all this stuff. i’ve asked dad to help me out, but he has been little help. tells me to talk to my caseworker.
