Alaska’s Achieving a Better Life Experience (or ABLE) program has launched, allowing those with a disability or blindness to open tax-advantaged investment accounts without risking the loss of federal benefits.
Patrick Reinhart is the Executive Director of the Governor’s Council on Disabilities and Special Education. In a release on December 22nd, he explained that the new program permitted families to place up to $14,000 in savings in 2016 – without affecting eligibility for Supplemental Security Income (SSI) or Medicaid benefits.
The tax-advantaged investment account is similar to a 529 college savings account, where earnings are tax-free when used specifically for disability-related expenses, such as education and transportation.
Ascensus College Savings of Newton, MA, will administer the program, which is a partnership between the Alaska Department of Health and Social Services and the Alaska Department of Revenue.
