Rep Payees and IAble Accounts
Rep Payees and IAble Accounts
More than 2.9 million recipients of SSI utilize a representative payee (also referred to as a rep payee) to manage their benefit payments, according to the AARP. A rep payee is appointed by the Social Security Administration (SSA) and can be a relative, close friend or organization/entity. Recent ABLE regulations expanded the list of Authorized Individuals for accounts, and now, a rep payee can also serve as an Authorized Individual for an IAble account.
What is an Authorized Individual? I am glad you asked! An Authorized Individual is someone who is willing and able to open and manage an IAble account on behalf of an Eligible Individual who lacks capacity to do so on their own. All Authorized Individuals must certify under penalties of perjury that no other person with a higher priority is willing or able to open the account.
Therefore, if no other person with a higher priority is willing or able, a rep payee appointed by the SSA can certify they are able to act as an Authorized Individual.
Who might have higher priority in the list? Another great question! Let's dive deeper.
The list of priority, established by the federal government and adopted to conform to Iowa law, is as follows:
1. Power of Attorney 2. Conservator 3. Spouse 4. Parent 5. Sibling 6. Grandparent 7. SSA appointed rep payee
So, if the Eligible Individual does not have anyone above the rep payee in the list who is willing or able to open an account on their behalf, their rep payee may be able to step in. By establishing an IAble account for an eligible individual with a disability, they are opening the door to financial freedom.
For specific information on using an IAble account in conjunction with an individual's SSA benefits, please speak with a Social Security representative. To learn more about who can open an IAble account, visit our website.
Who Can Open an IAble Account?
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