Gov. John Bel Edwards officially proclaimed August 2017 as #ABLEtoSave Month on August 1, raising awareness about the integral role the Achieving a Better Life Experience (ABLE) Act plays in helping individuals with disabilities receive public benefits.
“Thousands of our citizens will be empowered as a direct result of the ABLE Act,” said Gov. Edwards. “It will allow families with children who have disabilities to save for their future expenses, and it will enable working adults to save as well while retaining their vital health benefits through Medicaid or Social Security. Rep. Franklin Foil is to be commended for the work he put into passing this important legislation at the state level.”
The federal Stephen Beck, Jr. ABLE Act was passed in 2014 and added Section 529A to the federal tax code, which enables individuals with disabilities to save assets without jeopardizing their eligibility for critical public benefits, such as Medicaid and Supplemental Security Insurance (SSI).
“This is great news for many across this state who will benefit from the ABLE Act,” said Rep. Foil. “It’s going to provide necessary help with current and future medical needs. Thank you to Gov. Edwards for this proclamation, which coupled with the national awareness campaign are going to go a long way in informing everyone who can take advantage of this savings account about how it can truly help them.”
To date, 48 states plus the District of Columbia have passed the ABLE Act. ABLE accounts have been available nationwide since June 2015, and there are currently 23 ABLE programs open across the country. Additional information and resources are available at the ABLE National Resource Center (www.ablenrc.org).