Benefits
Maintain your current benefits.
You don’t have to be receiving public benefits to own an IAble account, but if you are receiving or plan to apply for public benefits, your IAble account can protect you from asset caps.
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IAble accounts up to $100,000 are not considered in determining eligibility for Supplemental Security Income (SSI).1 It’s important to note housing expenses withdrawn from your IAble account must be spent within the same month you make the withdrawal or your SSI benefits may be affected.
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IAble account assets are excluded in determining eligibility for other federal needs-based benefits, regardless of Account balance. This includes:
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Medicaid
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Supplemental Nutrition Assistance Programs (SNAP)
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Housing and Urban Development (HUD)
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Free Application for Federal Student Aid (FAFSA)
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Medicaid Recapture
The Iowa Department of Health and Human Services (the Iowa Medicaid agency) is not permitted to recover moneys in an IAble account upon the death of the Account Owner, unless such a claim is required by federal law in certain, limited situations. Medicaid can file such a claim against the Account only if the Account Owner was 55 or older, and the payment of the claim may be postponed if it can be shown that the Account Owner is survived by:
- A spouse
- A child under the age of 21
- A child with blindness or disabilities
Check with your public benefits specialist about your specific circumstances.
1Please see the Plan Disclosure Booklet for complete details on SSI suspension and any requirements on when you use the funds, to prevent suspension of benefits.
