MONTGOMERY, Ala. – The new and official Alabama Achieving a Better Life Savings Plan (Alabama ABLE) was released on Monday, May 17th. The plan is designed to help people with disabilities achieve financial independence.
“Alabama ABLE is a tax-privileged account designed to help make saving easy and accessible for people with disabilities,” said John McMillan, treasurer of the state of Alabama. “Account holders and their families can save for future expenses and gain financial independence while improving the quality of their lives.”
The new plan enables people with disabilities to save more than $ 2,000. This is generally the limit for those who rely on benefits like Medicaid and Supplemental Security Income (SSI). Those with an ABLE account can save up to $ 100,000.
Anita Kelley, director of austerity at the Alabama Treasury Department, says the plan gives people with disabilities more freedom than before.
“That’s how long people with a disability stayed within that $ 2,000 limit and couldn’t save for the future,” said Kelly. “Parents of someone… their child with a disability… also want to be able to save for that child just as they can for their other children. It’s a great way for them to save. “
Kelley says anyone who developed a qualified disability before age 26 is eligible for an ABLE account. She adds that the annual fee is minimal at just $ 35 per year.
The money in the ABLE savings account can be used for most costs related to living with a disability, such as living with a disability. B. Cost of Living, Education, Housing, Transportation, Assistive Technology, and more.
The State Treasurer’s Office has offered a similar ABLE program for several years. However, the new program, Alabama ABLE Savings Plan, is the official and only ABLE program sponsored and affiliated with the state of Alabama. The Alabama ABLE savings plan enables the Alabama Savings Board, which oversees the program, to generate additional benefits for Alabamians.
Kelley says to sign up just go to www.alabamaable.gov/. If you have any questions you can call them directly at (334) 242-7515.
She also says if you are part of a disabled, ward or church group and want to learn and share information about the program, Kelley is available through Zoom.
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