Alaska Launches Savings Plan for Children and Adults with a Disability or Blindness
The Alaska Department of Health and Social Services together with the Alaska Department of Revenue announced the launch of the Alaska ABLE Plan, a program to encourage individuals to invest money on behalf of eligible persons with a disability or blindness.
According to a recent news release, “Alaska’s Achieving a Better Life Experience (ABLE) program allows for eligible persons with a disability or blindness to open tax-advantaged investment accounts. Similar to a 529 college saving account, earnings in these funds are tax-free if used for qualified disability-related expenses, such as education, transportation and assistive technology.
Presently, persons with a disability are limited to a $2,000 cap on assets in order to receive their federal means tested benefits. ABLE allows eligible persons with a disability or blindness to save for qualified expenses without putting their federal benefits at risk. “
“The launch of the Alaska ABLE Plan prior to year-end will allow families to place up to $14,000 in savings in 2016 without jeopardizing their eligibility for benefits such as SSI and Medicaid,” said Patrick Reinhart, executive director of the Governor’s Council on Disabilities and Special Education. “Our understanding is the website is very easy to navigate.”