Financial Literacy Portal: Individuals with Disabilities

Individuals with Disabilities

For individuals with disabilities, particularly those who rely on means-tested benefits like Medicaid and SSI, saving for the future or providing for future care presents unique challenges. However, recent changes at the federal level have made financial stability more achievable. Learn about opportunities to save for the future as well as the difference between ABLE accounts and special needs trusts below.

  • What Are ABLE Accounts?
    • ABLE stands for Achieving a Better Life Experience. These accounts were created specifically for individuals with disabilities and their families as a way to save for disability-related expenses in tax-advantaged savings accounts. This post from the ABLE National Resource Center provides ten things you should know about ABLE accounts.
    • MO ABLE is Missouri‚Äôs ABLE program. Missourians with disabilities and their families can save up to $18,000 per year (more if you have a job) without risking the loss of benefits including Medicaid and SSI. Contributors to MO ABLE accounts receive a Missouri income tax deduction.
  • ABLE Accounts vs Special Needs Trusts
    • This helpful website from the ABLE National Resource Center and the Special Needs Alliance compares ABLE accounts, Pooled Trusts, and Special Needs Trusts to help determine which option or options best meet the needs of an individual.
  • Life Care Planning
    • A life care plan outlines provisions for the economic security and services that an individual with special needs will require. This resource from the Special Needs Alliance helps outline considerations to make when planning for future care.


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