The ABLE Act unlocks the doors of financial freedom for many Americans with disabilities
Belleville, Ill. (PRWEB) January 08, 2015
The Achieving a Better Life Experience (ABLE) Act, signed into law last month by President Barack Obama, was championed by numerous disability organizations, including the National Down Syndrome Society, the American Association of People with Disabilities (AAPD) and the United Spinal Association. Allsup, a nationwide Social Security Disability Insurance representation company, recognizes the efforts of these and other nonprofit organizations in garnering broad bipartisan support and congratulate them on the enactment of the historic legislation.
“The ABLE Act unlocks the doors of financial freedom for many Americans with disabilities,” said Mark Perriello, president and CEO of AAPD. “It allows people with disabilities to start saving for their future.”
An infographic to help understand the ABLE Act and its potential impact is available for download here.
The ABLE Act exempts savings for individuals and families receiving means-tested state and federal programs, such as Medicaid and Supplemental Security Income (SSI). Currently, individuals with $2,000 or more in assets would not be eligible for those programs. The provisions under this act would allow for the creation of what’s known as a 529-ABLE Plan, allowing individuals with disabilities incurred prior to age 26 to accrue savings up to $100,000, and still meet asset eligibility.
Distribution from those savings must be used for “qualified disability expenses,” such education, including higher education expenses, a primary residence, transportation, obtaining and maintaining employment, health and wellness, assistive technology and other personal support expenses.
“Individuals with disabilities and their families face complex financial challenges,” said Allsup founder and CEO Jim Allsup. “The ABLE Act is in line with Allsup’s mission to create opportunities for individuals with disabilities to lead lives that are as financially secure and as healthy as possible.”
To download the infographic “Understanding the Able Act” click here or go to http://www.allsup.com/media/files/ABLE-infographic.pdf.
The American Association of People with Disabilities is the nation's largest disability rights organization. We promote equal opportunity, economic power, independent living, and political participation for people with disabilities. Our members, including people with disabilities and our family, friends, and supporters, represent a powerful force for change. To learn more, visit the AAPD Web site: http://www.aapd.com.
Allsup is a nationwide provider of Social Security disability, veterans disability appeal and Medicare services for individuals, employers and insurance carriers. Allsup professionals deliver specialized services supporting people with disabilities and seniors so they may lead lives that are as financially secure and as healthy as possible. Founded in 1984, the company is based in Belleville, Illinois, near St. Louis. For more information, go to http://www.Allsup.com or visit Allsup on Facebook at http://www.facebook.com/Allsupinc.