Michigan this week became the fifth state in the country to launch a disability savings program, according to Lt. Gov. Brian Calley.
The Mi-ABLE (Michigan Achieving a Better Life Experience) program is a 529 (A) savings account, offering investment and tax incentives for families and others who wish to save for individuals with disabilities.
“The Able Act is the most substantial reform for people with disabilities since the Americans with Disabilities Act was signed in 1990,” Calley said. “Michiganders with disabilities will now have the freedom to save money and plan for the future without jeopardizing any state or federal disability benefits. By removing barriers, we can help all Michiganders live self-determined, independent lives.”
Funds from an ABLE account are not taxed if used for qualified disability expenses that include education, housing, transportation, employment training and support, assistive technology and personal support services, legal fee expenses for oversight and monitoring and funeral and burial expenses.
“The cost of living with a disability can be extremely expensive,” said state Rep. Anthony Forlini, who sponsored the legislation creating the MiABLE program. “This program not only allows families to save for their loved ones, but also incentivizes long-term savings and financial stability for those who need it most.”
Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or state benefits such as Social Security Disability Income (SSDI), Medicaid or Supplemental Nutritional Assistance Program (SNAP).
MiABLE accounts also allow for savings up to $100,000 without losing other financial disability benefits.
Those interested in registering in an account should visit www.miable.org or call 844.656.7225.
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