Here are some possible ways that you can contribute to a CalABLE account
- Contributions from family and friends or others in your support network
- Extra SSI/SSDI income* (SSI needs to be spent on housing and food each month. Extra SSI can be saved within ABLE.)
- SSI/SSDI back payments
- Large windfall payments up to $15,000 (per calendar year)
- Pension, inheritance, alimony, child support (up to $15,000)
- Employer contributions
- Surplus money from your spending plan
- Special Needs Trust and/or Pooled Trust
- 529 College Savings up to $15,000 can be rolled over to CalABLE
- Income tax refund
- Earned income; a person who does not choose to participate in an employer sponsored retirement account, may save up to an additional $12,140 from their earnings, within ABLE. Then deposits could total up to $27,140 for one calendar year: that is $12,140 from earnings with an additional $15,000 in contributions from possible sources listed above.
Contributions to a CalABLE account must be by cash, money order or direct transfer. Securities, property or other assets may not be deposited into an ABLE account.
Please note: Earned and unearned income, are countable sources of income that may affect SSI, SSDI, Medicaid and public benefit eligibility. Earned income is subject to Social Security Administration countable earnings calculation. Contributions made directly into ABLE from family and friends are not countable income.
ABLE savings of up to $100,000 does not change SSI eligibility. ABLE savings of any amount does not change eligibility for any type of Medicaid. Social Security Disability Insurance (SSDI) and Medicare do not have resource limits, so any amount of ABLE savings does not change eligibility for SSDI, Medicare or even SNAP or HUD benefits.