Josh Woodward from the Mississippi Department of Rehabilitation Services explains how ABLE (Achieving a Better Life Experience) accounts allow people with disabilities to save money without losing crucial public benefits like SSI and Medicaid. These revolutionary accounts provide financial freedom for individuals who have previously been restricted by the $2,000 asset limit, giving them independence and control over their financial lives.
• ABLE accounts allow people with disabilities to save up to $19,000 per year.
• Account holders can maintain SSI benefits with a max balance of up to $100,000; for Medicaid, the max is $235,000.
• Disability onset must currently be before age 26, expanding to age 46 in January, 2026.
• Money in ABLE accounts can be used for qualified disability expenses.
• Unlike special needs trusts, ABLE accounts give direct control to the individual.
• ABLE accounts can be opened with just $25.
• Anyone can contribute to someone's ABLE account – family, friends, or organizations - and it is a tax deduction.
• Mississippi ABLE is offering $100 contributions to the first 20 new accounts opened in August.
For more information about Mississippi ABLE, visit mississippiable.com or contact Josh Woodward directly at jwoodward@mdrs.ms.gov or (601) 853-5257.
Join us for new episodes on the 1st and 15th of each month as we continue sharing stories of transformation from across Mississippi. Each story reminds us that when we contribute our unique gifts, Mississippi rises together.
Hope Mississippi's Mission: The sobering reality remains: one in four Mississippi children lives in poverty, and one in five experiences food insecurity. These statistics aren't just numbers—they're our collective challenge. Through these conversations, we discover that Mississippi's transformation occurs through individual commitments to mentor, encourage, and be present for others. The small acts of hope accumulate into the broader "miracles" we celebrate.
