Monday, February 24, 2014

Tax-Free Disability Savings Accounts

In a Disability Scoop article by By Michelle Diament she shares with us information about a must-pass piece of legislation for Congress coming up for a vote in early spring.

With significant public backing and support in Congress, advocates say federal lawmakers are poised to consider a major change to the money-saving abilities of those with disabilities.

Just one hurdle remains before Congress is expected to take up the Achieving a Better Life Experience, or ABLE, Act.

The bill — which has lingered since at least 2009 — would establish special accounts to allow people with disabilities to save up to $100,000 without risking their eligibility for benefits like Social Security. What’s more, under the plan, individuals could retain Medicaid no matter how much is deposited.

But before Congress can move forward, lawmakers are waiting for the Congressional Budget Office to weigh in with an estimate of what the bill would cost the government if it’s implemented. Read the full article.