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Maryland ABLE Accounts

What are Maryland ABLE Accounts?

MD ABLE accounts  are a new way to help individuals with disabilities save money and pay for qualified disability-related expenses without jeopardizing federal means-tested benefits such as SSI or Medicaid.

Maryland ABLE Account Features:

  • Save up to $100,000 in your ABLE account before impacting SSI limits for cash benefits
  • Save money in your ABLE account without jeopardizing state and federal means-tested benefits such as Medicaid, food, or housing assistance
  • $14,000 annual contribution limit
  • $350,000 lifetime contribution limit
  • Potentially up to $2,500 state income tax deduction per filer and up to $5,000 for joint filers