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Hoosiers Are Now ABLE to Save for the Future

Bosma Enterprises - 8/10/2017 1:12:24 PM

A new Indiana savings program makes saving money an acheivable goal for people who are blind or otherwise disabled but worried about losing public benefits. 

For the first time, eligible individuals living with a disability and their families will have access to a savings account option that will not affect their eligibility for Supplemental Security Income (SSI), Medicaid or other public benefits. The INvestABLE Indiana Savings Plan Achieving a Better Life Experience (ABLE) Act was recently passed into law in Indiana and provides individuals who were considered disabled before the age of 26 and who are receiving social security benefits the opportunity to save up to $14,000 annually without affecting their benefits, and are established and managed on a state level.

These funds can be used for disability related expenses such as transportation, adaptive technology, housing, education, employment training and other expenses.
If the account were to exceed a balance of $100,000, the individual would be suspended from eligibility for SSI benefits until the account balance no longer exceeds the resource limit. However, the individual would continue to be eligible for Medicaid benefits.

For those interested in opening an ABLE account there are a few options. First is to contribute to an FDIC-insured checking account with Fifth Third Bank where money can be withdrawn using a debit card.  For those who want to see a return on their investment, there is an option of investing in either stocks or bonds (conservative, moderate or aggressive in nature).  When dealing with stocks or bonds, it is important to review all potential options.

The INvestABLE Indiana Savings Plan can be a great alternative to a traditional savings account. It provides an individual living with a disability before the age of 26 the opportunity to save for the future without being penalized. It even allows for family and friends to contribute to the account.  The INvestABLE Indiana Savings Plan will also grant the opportunity to save for a down payment on a future home. It can be difficult to save for the future when you are in fear of losing your benefits, this plan helps lessen that fear.

If you want to learn more about the INvestABLE Indiana Savings Plan or enroll visit: in.savewithable.com.