Your Child Can Save More

As your child makes more money, he or she 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 MA Rules Help People who Work and Save

Supplemental Security Income (SSI) has a $2,000 asset limit and disability-based Medical Assistance (MA) has a $3,000 asset limit for people 21 and older. However, your child can save way more money than these limits if he or she gets a job.

SSI asset rules for people who work:

  • Not all assets 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 asset limit.
  • ABLE accounts will let you and your child put money into a special account where the first $100,000 will not count against the asset limit.
  • Savings in a Plan to Achieve Self-Support (PASS) or Individual Development Account (IDA) are not counted. These special types of accounts let your child save for specific expenses, like school tuition.
  • Assets in a Special Needs Trust or Pooled Trust do not count.

MA asset rules for people who work:

The bottom line

Saving money for the future is important. Chat with a Hub expert to figure out which asset-building strategies will let your child keep getting benefits.

Read more about asset-building strategies.