the brand new access account program allows people that had any kind of a mental or physical disability, before the age of 26, who either receive or are eligible to receive ssi, the ability to either work and save their own money or have family set aside money…in a tax free account to be used solely for the current and future care of the disabled person.
the money in the fund can go toward: schooling, vocational training, transportation, housing, funeral expenses, etc. the disabled person/family can contribute up to $14,000/year and up to $310,000/lifetime. when the person with the account dies, the remaining funds are then released to pay back ssi and medicaid.
i am excited about this program, as i had a post traumatic stress disorder diagnosis, at the age of 24. the access account would allow me to be able to keep all of my ssi benefit, my medical benefits, and be able to work full time, putting all cash in excess of $2000/month into this account.
the great thing about the account, other than it being tax free, is that it is an investment account that can be tailored to be high risk/high gain or any other combination.
hypothetically, driving full time for lyft in vegas, i could easily net $4000/month. i would be able to keep my ssi $735/month, medical benefits, and up to $1265/month lyft cash…and then, take the excess amount of $2735/month and contribute it to my access account. i could also just keep my ssi $735/month and live off of that, while contributing $4000/month to my access account.
very hypothetically speaking, in 3-1/2 to 5 months time, i could have the limit for the year contributed: $14,000/year. at which point, the state of washington’s disability down payment assistance would help match my down payment on a house, up to $15,000.
over the last year, i have really built good credit. after talking to a lender, i could qualify for up to $125,000, and with $28,000/down…my mortgage could fall between $312/month and $525/month, depending on the housing market in the next six months.
this program could very well be my biggest blessing ever. it would allow me to be able to work hard, build a nest egg, and possibly attain my beach house dream…all within the next six months. all while i would be allowed to keep my disability ssi benefits (which it took five years of fighting and an attorney to get) and my medical insurance.