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.