We are fortunate to be joined at the 2017 Mobility Rodeo by Tom Treacy, Director of the ABLE Savings Program.
Under the ABLE Savings Program, Kansans with disabilities now have the option to open a checking account with a debit card to use for living expenses such as education, medical and housing without affecting their government benefits. Under the law, people with disabilities and their families can set aside up to $14,000 a year in special accounts without affecting their eligibility for SSI benefits, Medicaid or other government programs.
What is an ABLE account?
ABLE Accounts are tax-advantage savings accounts for individuals with disabilities and their families as the result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014.
- Why is there a need for ABLE accounts?
For the first time in public policy, the ABLE Act recognizes that the costs of living with a disability is significant, and often eligibility for public benefits requires having few resources of one’s own.
- Who is eligible?
The ABLE Act limits eligibility to individuals with significant disabilities with an age of onset of disability before turning 26-years-old.
- Are there limits to how much money can be put in an ABLE account?
The total annual contributions by all participating individuals, which can include friends and family members, for a single tax year is $14,000.
- What is a qualified expense allowed by an ABLE account?
A qualified disability expense means any expense related to the designated beneficiary as a result of living with a disability. These may include education, housing, transportation, employment training, assistive technology, personal support services, financial management, and basic living expenses.
Accounts are offered through the ABLE banking partner, Fifth Third Bank. Key benefits of these accounts include:
- Unlimited checking writing and debit card usage
- Zero overdraft or non-sufficient fund fees
- FDIC insurance up to the maximum amount permitted by law
- Interest on balances
- No taxes on interest earned or on withdrawals used for qualified expenses such as health care, housing, transportation or education
- Fifth Third Instant Alerts, which allows for immediate information on account and online security and instant notices for card and spending activity
- Paper or online statement options
- Nationwide access to over 45,000 fee-free ATMs
For more information, check out the video from the ABLE National Resource Center. https://www.youtube.com/watch?v=mMygkeBfJYg.
More information on the ABLE Savings Program will be available at the 2017 Mobility Rodeo at Kansas Truck Mobility on September 8th from 10:00AM to 3:00PM. Visit the Kansas Truck Mobility Facebook page for more information about the Mobility Rodeo.