LOGAN had the honor August 22 to be a host launch site for INvestABLE, the Indiana ABLE Act savings plan for Hoosiers with disabilities. The Achieving a Better Life Experience Act (ABLE) allows individuals with disabilities and their families to save for many daily, disability-related expenses on a tax-deferred basis. Most important, these savings do not limit their ability to benefit from Supplemental Security Income (SSI), Medicaid and other federal programs. A summary of the plan highlights follows:
- Earnings may compound federally on a tax-deferred basis
- Withdrawals are tax-free, if used for qualified disability expenses
No impact on current benefits
- Balances of $100,000 or less excluded from the SSI resource limit
- If the SSI resource limit is exceeded, the SSI benefits will be suspended until the ABLE account balance no longer exceeds the resource limit
- Eligibility continues for Medicaid, regardless of account balance
- Only $25 needed to open an account
- Access by phone or online
- Debit card available to access funds
An ABLE account may be opened for an individual who has been diagnosed with a disability before the age of 26 and if one of the following applies:
1) Blindness as determined by the Social Security Act, or
2) An individual qualifies to receive Social Security disability benefits (SSI or SSDI) or has a similarly severe disability and possesses a written diagnosis from a licensed physician.
LOGAN does not serve as an administrator of the ABLE program, so if you or someone you know who resides in Indiana would like more information please call 1-888-609-3457 or email email@example.com. For those residing in Michigan, please call 1-844-656-7225 or visit www.miable.org.
Tuesday’s launch included Indiana’s Treasurer of State, Kelly Mitchell, as well as parent advocate Emily Carroll and self-advocate Rickey Bonds. Matt Harrington, LOGAN President and CEO, is pictured above with Emily Carroll (left) and State Treasurer Kelly Mitchell.
A mother’s viewpoint about INvestABLE
Planning ahead for her son’s future gives Emily Carroll, mother of Asher Reed, a little more peace of mind. To read her insightful viewpoint about INvestABLE, click here.