Financial wellness is critical to overall wellness for all of us, including people who are Deaf and hard of hearing. An IL ABLE account can help. 

An IL ABLE savings and investment account is a tax-advantaged financial tool to help eligible individuals with disabilities, and their families save and invest money to pay for a wide range of qualified expenses that help the person with the disability build greater a greater quality of life.

Here’s what you need to know:

• Starting January 1, 2026, more people will be eligible to own an IL ABLE account! The eligibility requirement will expand to include people whose disability began before age 46 (currently onset before age 26).
• Assets in the ABLE account can be used to pay for expenditures that come with living with a disability; this can include services and products such as assistive technology and devices, job training, education, transportation, daily living expenses, such as groceries and rent, and much more.
• An IL ABLE account owner who receives monthly Supplemental Security Income (SSI) benefits can save up to $100,000 in an ABLE account and keep their SSI benefits. Medicaid, SSDI and other means-tested federal public benefits are not impacted by assets in an ABLE account. And an eligible individual does not need to be receiving public benefits to own an IL ABLE account.
• Earnings in and withdrawals from an IL ABLE account are federally tax-free when used for qualified expenses that help to support the account owner’s quality of life, wellness, or independence, like those described above. 
• Anyone can contribute to an IL ABLE Account – the Account Owner, family, friends, and others. And Illinois taxpayers who contribute to any IL ABLE Account may be able to take a state income tax deduction – up to $10,000 if filing as an individual or $20,000 if filing jointly.
• Working account owners may be able to contribute more to their IL ABLE accounts.
• IL ABLE accounts are flexible. The Account can stand alone and complement other financial vehicles such as a special needs trust or retirement account.

To learn more about IL ABLE accounts, visit illinoisable.com.