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MAABD MAABD MAABD MAABD MAABD MAABD MAABD MAABD Division of Welfare and Supportive Services E-410 Medical Assistance Manual RESOURCES 24 Sept MTL 04/24 TYPES OF RESOURCES (not all inclusive) ABLE ACCOUNTS – ANNUITIES

E-410 TYPES OF RESOURCES (not all inclusive)

RESOURCE TYPE DESCRIPTION

ABLE ACCOUNTS (Achieving a Better Life Experience)

1. Personal Property

2. Conditional Exclusion

ABLE Accounts are savings programs which allow individuals with disabilities that began prior to age 26 an opportunity to save and invest money without losing eligibility for certain benefits programs, such as Medicaid, SSI and RSDI. Money in ABLE accounts may be spent for education, housing, transportation, employment, health care, personal support services, legal fees, funeral and burial expenses, and other approved expenses.

Currently, the maximum amount an individual can deposit into an ABLE account annually is $18,000.00. Contributions to an individual’s ABLE account may be made by anybody. The first $100,000.00 does not count against the asset limit for Medicaid. Anything over $100,000.00 is countable.

ANNUITIES

1. Personal Property

2. Conditional Exclusion

Annuities are usually purchased to provide a source of income for retirement. A lump sum of money is paid to a bank or insurance company and in return, the individual is promised regular payments of income. These payments continue for a fixed period or for as long as the individual lives, thus creating an ongoing income stream.

The value of an annuity is the amount of money an individual can currently withdraw from the fund after the penalty deduction. This amount, if any, is a countable resource.

Verification: (not all inclusive)

- Documents from the source of payment - Copy of the annuity agreement