The Achieving a Better Life Experience Act (ABLE Act)
What is the ABLE Act?
Individuals with disabilities face enormous and unimaginable financial struggles, yet do not enjoy the same financial planning tools as other Americans who are able to utilize tax-deferred savings accounts to plan for college and retirement.
The ABLE Act (H.R. 647/S. 313) is federal legislation that aims to ease financial strains faced by individuals with disabilities by making tax-deferred savings accounts available to cover qualified expenses such as education, housing, and transportation. The bill would supplement, but not supplant, benefits provided through private insurances, the Medicaid program, the supplemental security income program, the beneficiary’s employment, and other sources.
No longer would individuals with disabilities have to stand by and watch others use Internal Revenue Service-sanctioned tools to lay the groundwork for a brighter future. The ABLE Act would provide new freedom for a brighter future and is earning wide support every day. The legislation, introduced by Congressman Crenshaw and Senator Bob Casey (D-PA) on February 13, 2013 is backed by at least 50 national, state, and coalition organizations.