Big news Tuesday for individuals with disabilities: The U.S. Senate passed the Achieving a Better Life Experience Act (ABLE Act) Tuesday, a bill sponsored by U.S. Senators Richard Burr (R-NC) and Bob Casey (D-PA). The bill allows individuals with disabilities to create tax-free savings accounts to plan for expenses such as education, housing, medical and transportation. The accounts would be similar to Section 529 education savings accounts, helping families save for disability-related expenses on behalf of qualified beneficiaries with disabilities. The bill is expected to supplement benefits provided through private insurance, the Medicaid program, the beneficiarys employment, and other sources. Senator Burr said, Some have called the ABLE Act the most significant piece of legislation affecting the disabled since passage of the American Disabilities Act nearly 25 years ago. I got involved in this effort nearly 8 years ago with Senator Casey. Families of severely disabled children came to us expressing the critical need for an easy way to save for their childs future expenses, especially since many Americans with Down Syndrome and autism are now outliving their parents. 1.usa.gov/1DPohzl
Posted on: Wed, 17 Dec 2014 19:49:44 +0000