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Bill

SB 1993

INC TX-ABLE ACCOUNTS

104th Regular Session Introduced by Cristina Castro

SB 1993 establishes Illinois ABLE accounts enabling disabled individuals to save up to specified limits while maintaining eligibility for federal benefits like SSI and Medicaid.

Rule 3-9(a) / Re-referred to Assignments
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Bill Summary · SB 1993

Legislative bill overview

SB 1993 proposes to establish or expand ABLE (Achieving a Better Life Experience) accounts in Illinois, which are tax-advantaged savings accounts designed for individuals with disabilities and their families. These accounts allow tax-free growth of savings up to specified annual and lifetime limits while protecting eligibility for means-tested benefits like Supplemental Security Income (SSI) and Medicaid.

Why is this important

ABLE accounts provide disabled individuals and their families a meaningful way to save for disability-related expenses—including education, employment support, housing, and healthcare—without immediately disqualifying them from critical public assistance programs. This addresses a significant gap in financial planning for people with disabilities, who traditionally faced a stark choice between saving money and maintaining benefit eligibility.

Potential points of contention

  • Cost to state: Expanding ABLE accounts may reduce state Medicaid and SSI enrollment, creating budget uncertainty for Illinois' disability services
  • Account limits and access: Disputes may arise over contribution caps, lifetime limits, and which disabilities qualify, potentially creating inequities among disabled populations
  • Program administration: Implementation requires new state infrastructure, training, and oversight mechanisms to properly manage accounts and ensure compliance with federal ABLE account rules

Compiled from official sources — confirm details with the bill’s official record.

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