The U.S. House of Reps voted to approve the Achieving a Better Life Experience (ABLE) Act by a vote of 404 to 17 on Wednesday. The measure will now move to the Senate where it is also expected to be approved. With significant bipartisan support, the bill is being called the broadest legislation centering on people with disabilities to move forward since passage of the landmark Americans with Disabilities Act a quarter-century ago. Under the ABLE Act, people with disabilities would be able to establish special accounts at any financial institution where they could deposit up to $14,000 annually. Individuals could accrue up to $100,000 in savings in the accounts without risking eligibility for government benefits like Social Security. What’s more, Medicaid coverage could be retained no matter how much money is deposited. Funds in the proposed ABLE accounts could be used to pay for education, health care, transportation, housing and other expenses. Modeled off of the popular 529 college savings plans, interest earned on savings within the accounts would be tax-free. Thanks to Michelle Diament at Disability Scoop for keeping us in the loop! disabilityscoop/2014/12/04/house-approves-accounts/19891/
Posted on: Thu, 04 Dec 2014 06:42:49 +0000
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