ABLE: Positive change and a fighting chance

by Julia Ritchey from Business Savannah.com:

Just before Christmas of last year, President Barack Obama signed the Achieving a Better Life Experience Act, or ABLE, allowing people with disabilities to open tax-free accounts where they can save money without fear of losing government benefits.

As soon as the Treasury Department writes eligibility requirements, states will be responsible for establishing and managing the program, expected to begin accepting applications from people by the end of this year.

In Savannah, this means new doors could be opening for the thousands of people who struggle to find work because of a disability.

Those with disabilities now ABLE to save, celebrate the passage of bill

by Salena Zito from Triblive.com:

WASHINGTON — Sara Wolff's life story aptly took her to the White House on Tuesday.

There, she joined two others from her hometown of Scranton — Vice President Joe Biden and U.S. Sen. Bob Casey — to celebrate passage of a bill that enables families of disabled children to save money for their needs.

“I never could imagine such a great experience than being here with the champions that pushed this bill across the finish line,” Wolff, 32, who has Down syndrome, said as she stepped up to the podium. “Wow, and I get to be here with the vice president of the United States!”

Casey invited Wolff, a former intern in his Scranton office, to attend the event marking the years of work that went into the Achieving a Better Life Experience Act, or ABLE law, that President Obama signed in December.

The bill, co-sponsored by Sen. Richard Burr, R-N.C., allows people with disabilities to save up to $100,000 in 529-type accounts without jeopardizing government benefits. Recipients can withdraw the money tax-free to pay for medical costs, employment training, housing, education and other qualified expenses.

“This bill goes to the heart of what the president and Republican and Democrat colleagues want for all Americans: to be given an even chance,” Biden said.

Law boosts ability of those with disabilities to save

by Ellie Silverman from McClatchey Washington Bureau Sun Herald.com:
WASHINGTON — When Kayla Kosmalski was 6 months old, her parents realized they weren’t allowed to save for her future. Family members could give Kayla only small amounts of money as birthday or graduation presents.This realization shocked her parents, Amy and Rick Kosmalski of Delaware. To them, Kayla is an “amazing and beautiful and intelligent” girl who “just happens to have Down syndrome.”But the law didn’t see it that way, until the bipartisan passage in December of the Achieving a Better Life Experience Act, known as the ABLE Act. President Barack Obama subsequently signed the bill into law. To celebrate the new financial freedom for families such as the Kosmalskis, Vice President Joe Biden and a bipartisan group of lawmakers, including Sens. Richard Burr, R-N.C., and Bob Casey, D-Pa., gathered Tuesday at the Eisenhower Executive Office Building.Previously, a person with a disability had a $2,000 limit on assets. If there were more, they would lose their Medicaid and Social Security benefits.Burr called the measure a “common-sense” piece of legislation.

Delaware family celebrates new law for disabled

by Nicole Gaudiano from News Journal Washington Bureau:
WASHINGTON – Rick and Amy Kosmalski of Bear wanted their 8-year-old daughter to be able to save for her education and other needs, just as their son could.
But a Medicaid rule prevented Kayla, who has Down syndrome, from having more than $2,000 in her name. Unlike her 2-year-old brother, Logan, Kayla couldn't use a tax-advantaged account to save money she received as gifts from relatives.
A new law changes that rule – and Kayla's future. On Tuesday, Kayla's family participated in an event hosted by Vice President Joe Biden to celebrate passage of the ABLE (Achieving a Better Life Experience) Act.
"She'll be able to save for and pay for the things that she needs to be the best person she can be," said Rick Kosmalski, a marketing manager at JPMorgan Chase & Co. "That's really what the ABLE Act does. It gives her more financial freedom in her life."
Amy Kosmalski said, "Now we'll finally be able to save for her future."

Proposed Minnesota law would help parents save for disabled children’s future

by Doug Bleden from St. Paul Pioneer Press:
Leslie Sieleni found out her son had Down syndrome when he was 5 days old.

Now 14, Sean Sieleni talks about driving a car, going to college, living on his own and getting a job. His mom supports those dreams, but she worries.

“He’s going into 10th grade next year. I’m starting to hyperventilate a little bit about what is he going to do after school,” said Leslie Sieleni, of White Bear Lake.

One thing that eases her mind is the prospect of Minnesota authorizing a new kind of savings plan that gets its first committee hearing Monday in the state Senate.

So-called “ABLE” accounts — which stands for Achieving a Better Life Experience — allow parents to sock away money for blind or disabled children in the same kind of tax-advantaged 529 account they now can set up to pay for higher education for their college-bound kids.

Currently, disabled people can lose eligibility for public benefits once they reach $2,000 in savings.

With an ABLE account, contributions of up to $14,000 per year are allowed under current rules. The account could grow to $100,000 before Social Security Supplemental Security Income would be suspended.

The ABLE Act—Uses and Limitations for Persons with Disabilities and Their Families

The ABLE Act—Uses and Limitations for Persons with Disabilities and Their Families

 by Dennis C. McAndrews, Esq.

At the end of the 2014 Congressional session, Congress passed, and the President signed, the Achieving a Better Life Experience Act, otherwise known as the ABLE Act. The plan was first introduced into Congress in 2006, and was intended to substantially mirror, for persons with disabilities, the provisions of 529 Plans which provide for individuals who attend post-high school education programs. However, in the years before the ABLE Act became law in late 2014, the original Act was amended in a many significant ways which are critical to understanding the limitations and proper uses of ABLE Plans.
The primary advantage of the law is that contributions grow tax–free until withdrawals are made for specific “qualified disability expenses”, such as education, housing, transportation, wellness, legal fees, administrative fees, financial planning, funerals and “oversight” expenses. These permitted ABLE expenditures may, in some instances, be more narrow than under a Special Needs Trust. At the same time, however, there are limitations or differences from 529 Plans which will significantly limit the use of ABLE Plans in special needs/estate planning.
For example, the total annual contribution permitted by all individuals under the ABLE Act is only $14,000 per year, which will be adjusted each year slightly for inflation. The total aggregate contributions (that is, the contributions for all years by all persons) cannot exceed more than $100,000 without losing Supplemental Security Income, and while Medical Assistance may continue, it remains to be seen how states will act when the total aggregate sums reach the level (often a higher level than $100,000) set by the state’s 529 Plan. A payback to the state Medicaid agency exists under the ABLE Act, thus meaning that any sums remaining in the account after the death of the disabled beneficiary are subject to payment to the state Medicaid agency to repay that agency for Medicaid provided to the beneficiary after the account was created. States which establish ABLE accounts must periodically submit an electronic report regarding each account to the Social Security Administration to reflect the amount in the account and its uses. No such payback or reporting requirement exists with a Third-Party Funded Special Needs Trust which is used in a typical estate plan for families with a loved one with a disability.

Advocate Explains Basics of the ABLE Act

by Shelly DeButts from UCP:
Guest blogger Melissa theSeed is a mother, wife, advocate & blogger with two children with medical needs. She advocates for social and civil justice for people with disabilities through her blog and online communities. She is co-founder of a NY-based nonprofit called “Forward RISE” that is committed to bettering communities and improving disability awareness through education and social experiences.
You can contact her via email at info@forwardrise.org or call Forward RISE at 631-291-9328. Check out her blog at theseed9811.blogspot.com or her website at Forwardrise.org. And, she is on Facebook. Feel free to contact her with any comments or questions.
The Achieving a Better Life Experience Act (ABLE) was finally signed into law by the President on December 19, 2014. It is now up to each State to implement the new law which would allow for tax-free savings accounts to be built for a population that has historically been forced to live in poverty. Up until now, in order to be eligible for SSI and Medicaid, a person could not have more than $2,000 in cash and property ($3,000 for couples) or make more than $700 monthly (!) in order to be eligible for Medicaid or SSI.
This means they can’t save money for things that Medicaid and SSI don’t cover like education, housing, a job coach or transportation. While the rest of society is encouraged to save for emergencies, unforeseen expenses and rainy days, people with disabilities – who have naturally higher expenses and higher medical needs – were forced to scrape pennies and do without due to archaic laws and discriminatory notions held by society in general.
What Is the ABLE Act?
Once enacted by the States, this bi-partisan piece of legislation will give people with disabilities and their families freedoms and security never before experienced. It amends the IRS code of 1986 to allow savings accounts to be set up for individuals with disabilities much like the college tuition accounts known as “529 accounts” that have been around since 1996. The Treasury Department is currently writing all of the regulations. There will then be a period of time where public comments on the proposed rules will be allowed. Before the end of 2015, every State is expected to establish and operate an ABLE program.

• Allows savings accounts to be set up for individuals with disabilities
• Recipients do not have to count funds as income
• Recipients do not have to pay taxes on funds if they are used for disability-related expenses

How does it work?
In a nutshell, once enacted by a State, an ABLE savings account can be opened up by an individual with a disability or by someone else on their behalf. Up to $14,000 may be deposited yearly untaxed, with that amount to be increased as inflation rises. If an account surpasses $100,000, the owner of the account will no longer be eligible for SSI but would not be in danger of losing Medicaid. When a person dies, Medicaid will be reimbursed first from the account before it is dispersed to the person’s estate.

• Can be opened up by an individual with a disability or by someone else on their behalf
• Up to $14,000 may be deposited yearly
• Up to $100,000 can be accrued without affecting SSI

ABLE Accounts and Michigan Special Needs Planning

by Michael Lichterman Esq. from Licherman Law:

In the flurry of new laws passed at the end of 2013, there was a law that provides additional options for individuals with special needs or disabilities.  The law is called the ABLE Act – the “Achieving a Better Life Experience” Act. It had overwhelming support from all political parties, something that is rare these days. As you might expect, I am not able to cover all the details one blog post, especially when much of the “nuts and bolts” of how ABLE accounts will work has yet to be figured out through the regulatory process.  So, I will attempt to summarize the act and some important considerations.

The ABLE Act recognizes that there are additional financial strains faced by individuals with disabilities and their families, including those in the Grand Rapids, Michigan area.  In short, the ABLE Act allows for individuals to utilize a tax-free, state-based private savings account, referred to as an ABLE account, for the care of people with disabilities. This ABLE account can be used to supplement government benefits for “qualified disability expenses” such as medical and dental care, education, employment training, housing, and transportation, while not disqualifying a disabled individual from governmental benefits. As a result of the ABLE Act, eligible individuals and families are now allowed to establish ABLE savings accounts that will not affect their eligibility for Supplemental Security Income, Medicaid and other public benefits.

Sen Casey, Rep Crenshaw to Sit Together At State of the Union Address to Highlight Passage of ABLE Act

from Senator Bob Casey:

Now Law, ABLE Act Would Allow Families Who Have a Child with a Disability to Save for Their Long Term Care through 529-Style Accounts / ABLE Has Been Called “…the broadest legislation to help [people with disabilities] in Nearly a Quarter-Century.”

U.S. Senator Bob Casey (D-PA) and Representative Ander Crenshaw (R-FL) announced that they will sit together at tonight’s State of the Union address to highlight the recent passage of their bipartisan Achieving a Better Life Experience (ABLE) Act. The ABLE Act, which became law as part of the end of year tax extenders bill, would allow families who have a child with a disability to save for their long term care through 529-style accounts.

“The passage of the ABLE Act is an example of what Congress can accomplish when Democrats and Republicans come together around commonsense solutions for families,” Senator Casey said. “Representative Crenshaw helped drive the ABLE Act forward in the House and I’m pleased to be able to hear the President’s address with him this evening.”
Representative Crenshaw: “Positive achievements can be made by working together to improve the quality of life for those in need. The ABLE Act proves that. I am privileged to have been in a position to guide this reform from an idea into a law and never doubted we would reach our goal. Fantastic teamwork on the Senate side from Senator Robert Casey (D-PA) and other House and Senate Members on both sides of the political aisle in combination with the determination from hundreds of advocacy groups across the nation made all the difference.”

An Atlanta Special Needs Attorney’s Take on the ABLE Act and New Savings Opportunities for Disabled Individuals

by Steve Worral from Georgia Family Law:
Thanks to a new law passed in Congress last month, disabled individuals will no longer have to choose between saving a small nest-egg for future care expenses or preserving long-term eligibility for low-income benefits such as Medicaid or Supplemental Social Security Insurance (SSI).
Under the Achieving a Better Life Experience (ABLE) Act, individuals with disabilities now have the opportunity to begin saving their own money toward future health-care costs, housing expenses, transportation, education, and other needs without jeopardizing eligibility for critical government benefits.
Eligibility under the ABLE Act is limited to those 26 and under, with a $14,000 cap on yearly contributions. A total of $100,000 tax-free can now be accumulated in a special ABLE account, which is limited to one per person.
Prior to the passing of the ABLE Act, individuals with disabilities were unable to have assets totaling more than $2,000 or earn more than $680 per month without forfeiting eligibility for government programs like Medicaid. This was worrisome for families, considering that Medicaid is often the only healthcare option available for those with significant disabilities.

Investing in You: New low-cost savings fund for special-needs children

 

by Erin E. Arvedlund from Philly.com:
Middle-class parents of children with disabilities: There's a new low-cost, tax-advantaged way to save money on their behalf.
Low cost is the key idea here. ABLE accounts serve a purpose similar to the special-needs trusts often set up to help disabled or special-needs children without disqualifying them from government benefits.
ABLE accounts don't replace special-needs trusts. They are another option.
In December, President Obama signed the Achieving a Better Life Experience (ABLE) Act of 2014, which creates savings accounts for the disabled. Each state will set them up individually.
ABLE accounts will function much like 529 college-savings plans and even have a similar moniker, "529 A."

Accountants, trust attorneys, and industry experts say the new accounts will make it possible for disabled individuals to have assets without jeopardizing other kinds of financial assistance.
"If a disabled person earned more than $700 per month or had assets in excess of $2,000," says Kathryn Flynn of SavingforCollege.com, "they risked having to forfeit eligibility for government programs."
Until now, families got around the restrictions by spending thousands of dollars in legal fees to set up special-needs trusts, which remain popular.
The ABLE Act, Flynn says, has "created a way for families to adequately save for the future as a supplement to private insurance and public benefits."

The Able Act vs. The Special Needs Trust: Which financial tool is right for your family?

by M & L Special Needs Planning:
Financial planning for families with special needs is difficult under the best of circumstances. As parents of individuals with disabilities, we know that every one of our decisions has long-lasting ramifications that can have a huge impact on the quality of our children’s lives in the future. We also know that our choices now may mean the difference between our children living successfully, with financial independence, and watching them languish on wait lists, fighting to access benefits, services, living options, etc.
There are tools that families with special needs can utilize to help them financially prepare for the future. In our opinion, however, these tools aren’t nearly enough to help these families fill the gap between savings and expenses. The resource limits enforced by the government benefit programs – the current limit is $2000 – also makes it difficult for individuals to save. (Note: for more information about resource limits and government benefits, please click here.) In the past, the only legal way to save money without jeopardizing eligibility for these benefits was the Special Needs Trust. On December 19^th, however, President Obama signed the ABLE Act into law thereby providing individuals with disabilities with one more option to help them save – the ABLE account.
Since the ABLE Act became law, there has been a lot of chatter in the special needs community regarding which savings method – the ABLE account or the SNT – is the best option. It goes without saying that the more financial tools available for individuals with disabilities, the better. As each family has its own set of financial circumstances, however, there are cases where one of these tools may be more beneficial than the other. Please join us today as we examine the ABLE Account and the SNT, and provide you with an analysis of the pros and cons of each.

ABLE Act 2014

by JD Supra Business Advisor from Thompson McMullan:
On December 19, 2014, the “Achieving a Better Life Experience Act of 2014” (ABLE ACT 2014) was enacted.  The purpose of the Act is to permit families to save private funds to help support some individuals with disabilities to maintain health, independence and quality of life.  To qualify for an ABLE account, an individual would have to have been determined disabled before their 26^th birthday.   ABLE accounts could be used to help pay for “qualified disability expenses”, such as medical care, dental care, education, job training, housing and transportation, without any impact on the disabled person’s eligibility for public benefits, such as SSI and Medicaid.  ABLE accounts will be designed to supplement, but not replace benefits provided through private insurance, Medicaid, SSI employment or other sources.

Starting in 2015, amounts in ABLE accounts will not be subject to the $2,000 maximum of assets that qualifying disabled people would otherwise be required to maintain to establish and remain eligible for SSI and Medicaid.  In addition, while ABLE accounts may not exceed $100,000 in value for SSI recipients, there is no similar cap for Medicaid recipients.

Building a more inclusive world

by Rick Hodges from Newton Daily News: While the rest of America was preparing to bid farewell to the least productive Congress in history, people with disabilities and their loved ones celebrated a rare victory when Congress passed the Achieving a Better Life Experience (ABLE) Act.

The ABLE Act, which President Barack Obama signed into law a few days before Christmas, will give people with disabilities and their families access to the tax-deferred savings options, such as 529 college plans, that folks without disabilities already enjoy.

It’s the most important legislation for people with disabilities since the Americans with Disabilities Act. It passed by a wide margin among members of both parties.

Ten years ago, this new law was just an idea a few parents of young kids with disabilities discussed around a kitchen table. How did it get this far, especially when Congress can’t agree on anything else?

In 2005, I was sitting in a financial planning seminar to learn how to save for my daughter Audrey, then age 4, who was born with Down syndrome.

I quickly realized that the standard savings options wouldn’t fit because they were created for people whose lives follow the typical pattern: They go to school, attend college or get job training, work to support themselves, then retire.

Va. man remembered for helping people with disabilities save financially with ABLE Act

DC News FOX 5 DC WTTG
by Jennifer Davis from FOX5 myFOXDC.com:
BURKE, Va. -

The family of a local advocate for individuals with Down syndrome is speaking out about his unexpected death and the amazing difference he made helping young people with disabilities nationwide save money for the future.

Before he passed away last month, Stephen Beck Jr. of Burke, Va., succeeded in getting the first piece of legislation affecting people with disabilities through Congress in 25 years.

Eight years ago, Beck sat down at his living room table with some other parents to brainstorm a plan to help their children, including his own daughter, Natalie -- now 15 years old. They wanted a way to help their children save for the future.

Natalie has Down syndrome and Beck was worried because federal law only allowed for $2,000 to be set aside for her long-term support.

"You cannot have more than $2,000 in name or assets or you lose your benefits," his widow Catherine Beck explains. "So individuals with challenges cannot save for their future. Their families can't invest in them to secure their future."

Members Offer Rare Display of Emotion With ABLE Act

by Matt Fuller from Roll Call:
There are many votes members of Congress cast that mean absolutely nothing. Procedural motions. Uncontroversial bills and amendments that are forgotten as soon as they are voted on.
Then there are other votes — those constituents may never notice but that are, for some lawmakers, unforgettable.
On Wednesday, the House passed a bill, 404-17, that would establish tax-exempt savings accounts for individuals with disabilities. The bill, which is expected to pass in the Senate, exempts savings, up to certain levels, and distributions from those savings for individuals and families applying for means-tested federal programs.
Currently, people with disabilities can lose access to federal programs such as Medicaid or Supplemental Security Income once they establish a certain level of savings.
For those eligible, the so-called Achieving a Better Life Experience Act could mean a more independent life, making it easier to prepare for future financial needs. For certain members of Congress, the bill means actually doing something.
For the bill’s sponsor, Florida Republican Ander Crenshaw, the measure is an emotional victory.
“It just means a lot,” Crenshaw told CQ Roll Call Tuesday, choking back tears. “Helpin’ a lot of people.”
“I just see their faces and it just …” he said, trailing off.

4 Reasons Why Congress Should Pass the ABLE Act

by Mona McGee from E.D.Bellis:
Washington, DC is polarized due to the divided government and amidst all of the political grandstanding is a measure that could make a positive impact on many families. Even though there is unlikely to be much legislating until after the November election, this piece of legislation has bi-partisan support and could make its way into the lame-duck session.
The reason this piece of legislation would be helpful is because of the large financial strains on many people who have families with disabled members and this is compounded over-time. The indirect costs can be un-sustainable, and this will allow for more cost-effective budgeting should it be executed as visualized.

Update on IMPENDING PASSAGE OF ABLE ACT
On September 19, Senate Finance Committee Chairman Ron Wyden (D-OR), Ranking Member Orrin Hatch (R-UT), Senator Bob Casey (D-PA), and Senator Richard Burr (R-NC) released a joint statement updating the public on the Achieving a Better Life Experience (S.313 and H.R.647) ABLE Act status.
They indicated that the Senate has generated momentum and positive progress on passage of the bill. The four Senators announced that as a result of bi-partisan collaboration, a policy agreement has been reached that will be the foundation for passing this legislation and obtaining Presidential signature in the lame duck Congressional session, which begins November 12, 2014.
Although no plan has been developed yet to pay for the $2.1 billion cost over 10 years, legislators are optimistic that agreement can be reached. The ABLE Act legislation, to allow people with disabilities to open tax-advantaged savings accounts, has been in development for eight years. This passage could provide some relief for the many families who struggle financially to save for and or finance the care for their loved ones.

BENEFIT One: TAX FREE ACCOUNTS TO SUPPORT DISABILITY RELATED EXPENSES
The ABLE Act would allow people with disabilities and their families to save money in new tax-free “ABLE” accounts for any of the following disability-related expenses:
• Education, from pre-K to college
• Housing, be it for rent or for purchase as long as it’s a primary residence
• Transportation, including moving expenses
• Employment support, like job training
• Health, including insurance premiums and assistive technology like wheelchairs
• Miscellaneous items like financial management and legal fees
The IRS would treat ABLE accounts like existing 529 college savings plans (also known as qualified tuition programs): after-tax contributions would not be tax deductible but earnings would accumulate tax free and qualified withdrawals would also be spared.

How the proposed ABLE Act will help parents of children with disabilities

by Mari-jane Williams from The Washington Post:
Last week several hundred disability rights advocates were on Capitol Hill to support the Achieving a Better Life Experience Act. The current version of the bill was introduced in February 2013 and would allow individuals with disabilities or their families to open a tax-sheltered savings account to pay for certain long-term expenses.
Sara Wolff, a woman with Down Syndrome who has collected more than 200,000 signatures on Change.org in favor of the ABLE Act, was on Capitol Hill on Feb. 27 to rally support for the bill.
The accounts would be similar to the current 529 program that allows families to save for college education, and would be called 529A accounts, said Sara Hart Weir, the vice president of advocacy for the National Down Syndrome Society.
I spoke with Weir by phone this week about the ABLE Act. Here are edited excerpts from that conversation.
What would the ABLE Act do?
It’s basically amending Section 529 of the tax code to create a specific account for people with disabilities. In order to qualify for a lot of services, folks can only save $2,000 in assets and earn $700 a month. That’s way below the poverty line. The current law dates to 1974, and it was a way to qualify for Medicaid

ABLE Act Would Allow Families to Prepare for the Future

by Laurel Joss from Autism Daily Newscast:
Caring for a loved one with autism is expensive. The expenses of raising a child with autism can include medical care, therapies, and respite care, but they do not end there. When children with autism grow up, they still have needs, including housing, utilities, and for many, around-the-clock supervision.
A recent survey by Autism Speaks of over 10,000 people from various socioeconomic and ethnic backgrounds in the United States found that only one out of four families were saving money for their child’s future needs. This statistic is frightening, considering the sheer numbers of children who will be ageing out of the school system in the next decade.
The Achieving A Better Life Experience Act (ABLE Act – S.313/H.R. 647) would allow families in the United States to open tax-free accounts similar to college savings accounts, health savings accounts, and individual retirement accounts in order to provide for their child’s future needs. Funds could be used for qualified expenses, including medical and dental care, education, housing, transportation, and job training programs. The ABLE Act also includes Medicaid fraud protection and a Medicaid pay-back provision when the beneficiary passes away.
Money saved through an ABLE account would not count against an individual’s eligibility for federal benefits, allowing individuals with disabilities to earn an income and save money towards their future without losing the benefits necessary for daily living.
Canada currently offers a similar program using Registered Disability Savings Plans (RDSP).

Congress Eyeing Tax-Free Disability Savings Accounts

by Michelle Diament from Disability Scoop:
With significant public backing and support in Congress, advocates say federal lawmakers are poised to consider a major change to the money-saving abilities of those with disabilities.
Just one hurdle remains before Congress is expected to take up the Achieving a Better Life Experience, or ABLE, Act.
The bill — which has lingered since at least 2009 — would establish special accounts to allow people with disabilities to save up to $100,000 without risking their eligibility for benefits like Social Security. What’s more, under the plan, individuals could retain Medicaid no matter how much is deposited.
But before Congress can move forward, lawmakers are waiting for the Congressional Budget Office to weigh in with an estimate of what the bill would cost the government if it’s implemented. Once that figure is released — which could happen any day now — Congress is expected to act swiftly with advocates hoping for a floor vote in early spring.
“The ABLE Act is a must-pass piece of legislation for this Congress,” said U.S. Rep. Cathy McMorris Rodgers, R-Wash., who is a member of the House leadership and a co-sponsor of the bill, in a statement to Disability Scoop.
Modeled after the popular 529 college savings plans, the ABLE Act would allow individuals with disabilities to open a special account at any financial institution to pay for education, health care, transportation, housing and other expenses. Interest earned on savings within the accounts would be tax-free.