Your Child Can Save More

As your child makes more money, they can start saving for bigger goals, like college, a car, or someday buying a home. Building assets will be a key to comfort and security for your child’s entire life.

SSI and Medicaid Rules Help People Who Work and Save

Supplemental Security Income (SSI) and APA-related Medicaid have a $2,000 resource limit. However, your child can save way more money than this limit if they get a job, because:

• Not all resources are counted, so your child can own a car or get certain types of financial aid for school that won’t be counted against the resource limit.
• ABLE accounts let you and your child put money into a special account where the first $100,000 will not count against SSI's resource limit. None of the money in an ABLE account is counted for Medicaid.
• Savings in a Plan to Achieve Self-Support (PASS) are not counted. This special type of account lets your child save for specific expenses, like school tuition.
• Assets in certain types of trusts do not count.
• If your child makes money at work and is 18 or older, they may be able to pay a small premium to get Medicaid coverage from the Working Disabled Medicaid Buy-In, which has a $10,000 resource limit.
• There is no resource limit for income-based Medicaid.