ABLE Act Passes in the House
WASHINGTON, D.C. – Yesterday, the Achieving a Better Life Experience (ABLE) Act passed the House by an overwhelming majority. Now, it’s on to the Senate. The ABLE Act is a tool for families in planning for their child’s future and will enable individuals with disabilities to save money without losing important federal benefits such as SSI and Medicaid needed for long term support services, cash benefits and other benefits (e.g., food stamps, housing).
This is what the ABLE Act will do:
- Enable people with disabilities or family members to put up to $14,000 per year in the account, up to $100,000 total amount.
- ABLE accounts could generally be rolled over only into another ABLE account for the same individual or into an ABLE account for a sibling who is also an eligible individual.
- The funds must be spent on qualified expenses related to the individual’s disability, such as health, education, housing, transportation, training, assistive technology, personal support, and related services and expenses.
We applaud Congress for recognizing the importance of a federal law that will encourage people to work and save money! We will keep you informed as we learn more about a Senate vote.
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