Passed by Congress in 2014, the ABLE ACT –Achieving a Better Life Experience—was created to help individuals with disabilities have access to funds used for specific expenses without putting their financial support from government programs at risk. The new program allows them to open a special tax-advantage accounts that may be used for personal expenses.
Family and friends can contribute up to $14,000 annually to the accounts, but these accounts don’t count against Supplemental Security Income or other program income limitations, reports The Las Vegas Review-Journal in “Nevadans with disabilities will save money under ABLE Act.”
The program is available to Nevadans on the basis of disability or blindness under the SSI program or under the Social Security disability, retirement and survivors program. In order to be eligible, the individual’s disability must have occurred before age 26.
The funds in an ABLE account can be used for education, housing, transportation, health care, assistive technology, assistance in getting and keeping work and other approved expenses.
The Nevada ABLE Act program is administered by the State Treasurer, and the Nevada Aging and Disability Services Division will provide program education and outreach.
“We are very excited to bring this opportunity to Nevada families,” Nevada State Treasurer Dan Schwartz said in a statement.
The funds in the accounts will be invested and will be exempt from the means-tested Medicaid or Supplemental Security Income program. This allows disabled individuals the opportunity to improve the quality of their lives.
Reference: Las Vegas Review-Journal (January 26, 2017) “Nevadans with disabilities will save money under ABLE act”