Participating in an IDA Program that Affects Your Benefits
The type of funding an IDA program receives will determine how it affects your benefits. Federally funded IDAs—those with block grants from Temporary Assistance for Needy Families (TANF) or the Assets for Independence Act (AFIA)—will not jeopardize your eligibility for benefits.
If you enroll in a non-federally funded IDA program, you could lose your Supplemental Security Income (SSI) or Medi-Cal benefits. If you enroll in a non-federally funded IDA program and have an approved Plan for Achieving Self-Support (PASS), however, you will not risk losing your benefits.
Before you enroll in an IDA program, be sure to find out what its funding source is and how that may affect your existing benefits.
Failing to Fulfill IDA Requirements
If you do not fulfill the requirements of the IDA program you may become ineligible to access the matching funds provided by the program. Be sure to review the requirements of your program carefully with your IDA caseworker.
You must have earned income to start an IDA
To open an IDA account funded by Temporary Assistance for Needy Families (TANF) or the Assets for Independence Act (AFIA), your earned income must come from work. IDAs funded in other ways may have slightly different earned income requirements and allow for income from other sources.
Most IDAs have a savings cap
Most programs only allow you to save a total of $4,000 to $6,000 in your IDA. This includes the money you deposit as well as the matching funds.
