ABLE Account; The Right Choice For Persons with Disabilities
Courtesy of Family Voices of North Dakota: The Navigator
Have you heard of a 529 ABLE Account? Did you know that just because you have a disability does not mean you cannot save money? The Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act (Public Law 113-295) was signed into law on December 19th, 2014. The ABLE Act amends the International Revenue Service Code of 1986 to create tax-free savings accounts for individuals with disabilities. The funds in the ABLE account do not count toward the $2,000 cap on assets that is required to remain eligible for critical government supports.
Save up to $100,000!
ABLE accounts enable people with disabilities to save up to $100,000 without risking eligibility for Social Security and other government benifits. Medicaid can be retained no matter how much money is in the accounts.
Fund essential expenses
An ABLE account may fund a variety of essential expenses for individuals with disabilities including medical and dental care, education, community-based supports, employment training, assistive technology, housing and transportation. The federal ABLE Act authorizes the states to develop their own ABLE programs, and many states have moved quickly to pass ABLE laws and are in various stages of developing their ABLE programs.
Unfortunately, ABLE Accounts are in jeopardy because not enough accounts have been opened across the U. S. At the end of 2018, less than 35,000 ABLE Accounts had been open nationwide and an estimated persons who would meet eligibility for ABLE Accounts is around 8 million. We need 450,000 ABLE Accounts to be funded by June of 2021 for sustainability of the program. If you want to help to keep this great program available and wonder if you or a family member would be eligible for an ABLE Account, call Family Voices of ND, 1-888-522-9654 or directly to Vicki Peterson at 701-493-2634 or 701-527-2889 or email firstname.lastname@example.org for more information on signing up for an account.