Keep Your Needs - Based Benefits
A MiABLE account is in addition to - not a replacement for – other government programs. For example, Medicaid eligibility is never affected. However, Able account balances that exceed $100,000 could cause a reduction or suspension of Supplemental Security Income benefits (which is still much higher than the $2,000 limit for other assets).
Earnings on savings grow tax-free, and no federal or state tax is owed on withdrawals used to pay for qualified expenses. Plus, Michigan state income taxpayers can claim up to a $5,000 deduction for single filers and $10,000 for joint filers for MiABLE contributions.
A Wide Range of Investment Options
Whatever your savings needs or preferences, you'll find a suitable option ranging in approach from conservative – including a no-risk, federally insured savings account – to aggressive.
The MiABLE Card is a debit card you can use to easily spend money from your MiABLE Account.
MiABLE account holders can access their funds at any time for any purpose (although money withdrawn for an unqualified expense may result in tax consequences).