ABLEnow – Authorizing States to Establish Tax-advantaged Savings Programs for Individuals with Disabilities
ABLEnow, the Virginia-sponsored ABLE savings program, opened for nationwide enrollment in late 2016. Virginia is among the first states in the country to open an ABLE program for eligible individuals living with disabilities.
On November 1, the State of Michigan launched its “MiABLE” program. MiABLE is a part of a national program each state is supposed to launch, offering enrollment to qualified individuals with disabilities both in Michigan and throughout the country. MiABLE allows qualified individuals with disabilities to save up to $14,000 a year in an ABLE account without jeopardizing their eligibility for
federally-funded means tested benefits, such as Supplemental Security Income (SSI) and Medicaid. The funds in the account can be used for disability-related expenses that assist the beneficiary in increasing and/or maintaining his or her health, independence or quality of life.
MiABLE, ENABLE, ABLE TN, Ohio STABLE Account, and ABLE United programs are currently the only programs enrolling beneficiaries in the country, and they are doing so primarily via their online portals. Virginia and Oregon are expected to be launching their ABLE account programs by the end of the year.
For more information, visit: http://www.ablenrc.org/news/michigan-launches-miable-program
To learn more about ABLEnow and subscribe to updates visit their website at able-now.com.