Recently,
the President signed the ABLE (Achieving a Better Life Experience) Act. This will help parents of children with disabilities
to be allowed to save funds for their child without risking the loss of benefits.
How it Works
The
ABLE Act uses plans that are similar to a 529 savings plan used for college. Some families already have “special needs
trusts’ which are used in the same way.
Typically families were only allowed to have up to $2000 in assets in
their child’s name, or the child would lose eligibility for Medicaid and/or SSI
(Supplemental Security Income.) The ABLE
Act allows families to deposit up to $14,000 yearly, for a total of $100,000
savings without affecting benefits. Extended
family members, friends, and the person with a disability would also be able to
contribute funds to the plan. Income
earned by the account, and contributions to the account, would not be
taxable. The total annual contributions
to any such account are $14,000.
Who is Eligible
People
with disabilities are eligible if they have a condition that occurred prior to
age 26. In addition, the individual must meet the eligibility criteria for SSI
or SSDI (Social Security Disability Insurance.)
Please note that there can only be one ABLE account in the individual’s
name. It is also possible to have both a
special needs trust and an ABLE account.
Please also see the Exceptional Parent magazine link below which
discusses the interaction between ABLE and Medicaid.
What Families Need to Know-Next Steps
It is
possible that ABLE accounts could be open this year. However, states need to develop
regulations. To encourage quick action,
parents should contact the Governor in their state found at http://www.nga.org/cms/home/governors/staff-directories--contact-infor/col2-content/governors-office-addresses-and-w.html.
The
ABLE Act will prevent children with disabilities from having to live in poverty
in order to maintain benefits such as Medicaid and SSI. Now, families can save for their child’s
future.
Resources
Disability
Scoop-Announcement:
Exceptional
Parent magazine-ABLE & special needs trusts
National
Disability Institute-Ten Things You Must Know About ABLE Accounts
http://www.realeconomicimpact.org/News.aspx?id=460 press release
Questions
& Answers About the ABLE Act
http://www.ndss.org/Advocacy/Legislative-Agenda/Creating-an-Economic-Future-for-Individuals-with-Down-Syndrome/Achieving-a-Better-of-Life-Experience-ABLE-Act/
Remain Hopeful,
Lauren
Lauren Agoratus is a parent/advocate
who works for the Statewide Parent Advocacy Network and serves as the NJ
Coordinator for Family Voices (www.spanadvocacy.org), a national network that works to “keep families at the center
of children’s healthcare” at www.familyvoices.org or FB www.facebook.com/pages/Family-Voices-Inc-National/137783182902269. She also serves as NJ representative
supporting caregivers across the lifespan for the Caregiver Action Network
(formerly National Family Caregivers Association) in a volunteer capacity at http://caregiveraction.org/ or FB www.facebook.com/CaregiverActionNetwork.
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The recent signing of the ABLE Act allows families of children with disabilities to save up to $14,000 annually without jeopardizing their benefits. This new savings option functions similarly to a college 529 plan, enabling contributors to expand support. As you navigate this, consider playing the slope game to unwind and enhance your focus. Remember, with the ABLE Act, families can secure better futures for their loved ones.
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