If you or someone you know has a disability qualified by the Social Security Administration, there is a savings account available that will not affect your benefits, including Medicaid.

In 2014, the Achieving A Better Life Experience, or the ABLE Act, was signed into law.

“It’s a tax-free savings account that gives people with disabilities a chance to save money for their future without it affecting their social security and Medicaid benefit,” said Jen Olson, the program integrity supervisor with the Minnesota Department of Human Services (DHS).

Olson says this account was established to help people who have a disability a good way to save money. It allows that savings to go towards housing, transportation and education, and it can pay for the extra costs associated with living with a disability.

“You can deposit $19,000 a year in the ABLE account,” said Olson.

There are other ways to deposit even more, but there is a catch in order to start the account.

“A person has to be qualified by the age of 26 to be eligible for an ABLE account,” Olson noted.

There is a fee associated with the account, but if you are a person who qualifies for it, it may be the right one for you.