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Wednesday, October 12, 2016

The ABLE Act: A Tax-free Benefit for People with MS That Could Be Better


                                                                  
  

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Disability from multiple sclerosis develops, on average, within 10 years of diagnosis. Financial catastrophe was often the consequence, until Congress passed the Achieving a Better Life Experience Act (ABLE Act) — signed into law on Dec. 19, 2014, by President Obama.
This act allows you or anyone to put money into a special non-taxable account for you, up to $100,000, and you will still be eligible for Medicaid and SSI (Supplemental Security Income). The grand total allowed in ABLE accounts is $500,000, but anything over the $100,000 will affect SSI and Medicaid eligibility (as it should). Here is a link to the ABLE National Resource Center website for more information.
I first became aware of the ABLE Act legislation because Sara Wolffput it forward as a petition on Change.org. When I saw it, I was amazed and thrilled at the possibilities. Primarily, I longed to eliminate terror from my financial future. I signed the petition immediately.
Sara Wolff has Down’s syndrome. Like all of us who live with disabilities, a future life of penury loomed. There was no point to a disabled person saving for the future, because having any assets beyond $2,000 (variable based on state definitions of excluded assets) would be forfeit, that is, require a “spend down” to qualify for assistance.
The ABLE Act has changed that requirement, and made it possible to save money for future expenses, especially expenses that would require an extensive quantity of cash — for example, new car tires or new home appliances  — without losing eligibility for government assistance.
Here is the original language proposed: CLICK HERE to read




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2 comments:

Phyll W said...

Thank you for that very valuable information.

Phyll W said...

Thank you for that very valuable information.