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What Does “ABLE” Mean?

Paving the way for millions of disabled Americans to have tax-free accounts to help them save for their disability expenses, in December 2014, Congress passed, and President Obama signed into law, the Achieving a Better Life Experience (ABLE) Act of 2014, which went into effect this year. ABLE allows people with disabilities, and those who love and support them, to open savings accounts for disability-related expenses without jeopardizing Medicaid coverage and other federal benefits and, so long as the balance doesn’t exceed $100,000, without risking eligibility for Supplemental Security Income (SSI) benefits. What is an ABLE account and […]