Will Stimulus Payments Disrupt My Public Benefits?
If you are on public benefits and receiving a stimulus payment, then you are probably concerned about how the payment will affect your public benefits (ex. MassHealth or SSI). In short, it will not.
Stimulus payments are not considered “income.” They are also not considered “assets” UNLESS you are still holding the stimulus payment twelve months from now.
So what should you do with the stimulus payment? One option, of course, is to spend it, and that’s exactly what it was designed for. Another option is to deposit it into an ABLE account. If you were disabled before age 26, it could make sense for you to have an ABLE account, if you don’t already. You can read more about ABLE accounts here.
For more information on the stimulus payment and public benefits, see this article by Special Needs Answers.
As always, please reach out if you have questions about public benefits or other elder law and special needs planning topics.