The Michigan Achieving a Better Life Experience MiABLE program has helped Michigan families save more than $2 million for disability-related expenses in just nine months since its launch, Lt. Gov. Brian Calley announced Wednesday.
MiABLE is a 529(A) savings account administrated by the Michigan Department of Treasury that offers investment and tax incentives for families and others who wish to save for individuals with disabilities. Since MiABLE enrollment began on Nov. 1, 2016, more than 700 accounts have been opened, with additional accounts opening every day.
To raise awareness about the program and encourage additional savings, this month has been proclaimed as #AbleToSave Month in Michigan.
"MiAble has been a game changer since its launch in November, providing families with the freedom to plan for the future without jeopardizing disability benefits," Calley said. "It's great to see families using MiABLE and I encourage others to sign up during #AbletoSaveMonth."
Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or state benefits, like Social Security Disability Income, Medicaid and Supplemental Nutritional Assistance Program. MiABLE accounts also allow for savings up to $100,000 without losing other financial disability benefits.
"First I would like to thank those who recognized the need for this program and worked so hard to successfully implement it. This marks an important milestone for individuals with disabilities and their families," State Treasurer Nick Khouri said. "Living with a disability can be extremely expensive. The MiABLE program incentivizes long-term savings and financial stability for those who it need it most."
Funds from a MiABLE account are not taxed if used for qualified disability expenses, which include: education, housing, transportation, employment training and support, assistive technology and personal support services, legal fee expenses for oversight and monitoring and end of life expenses.
According to the U.S. Census, more than 992,000 people under 65 years old around 10 percent of Michigan's population have a disability.
For additional details or to register an account, visit www.miable.org or call 844-656-7225.
Published: Fri, Aug 04, 2017
