News from Idaho SILC
Promoting Independent Living for all Idahoans
Imagine being able to save for something that is important to you…without worrying that you will go over your $2000 resource limit for State and Federal benefits! What would you save for? Would it be for a certain item or would you save to have some money in case you needed it one day? Well, you CAN!
August marks the nationally celebrated ABLE to Save Month where those involved in ABLE Savings Plan programs across the country highlight the value and importance these plans bring to those living with disabilities.
The Stephen Beck, Jr. Achieving a Better Live Experience Act (ABLE Act) became law on December 19, 2014. The ABLE Act creates a new option for qualified individuals living with disabilities and their families to save for the future, while protecting eligibility for public benefits.
ABLE plans can change the way individuals with disabilities and their families participate in the community, build financial wellness and plan for the future by empowering them to save and invest for the added expenses that come with having a disability without losing access to federal means-tested benefits.
ABLE accounts foster person-centered independence, build self-reliance, encourage employment and improve quality of life. Contributions to ABLE accounts can come from earnings, family, friends and other sources. Earnings on ABLE accounts are tax-deferred, and withdrawals are tax-free as long as they are used for qualified disability related expenses.
For more information about ABLE Savings Plans, call the Idaho State Independent Living Council at 208-334-3800 or 800-487-4866 or visit our website at www.silc.idaho.gov.