Article archive / September 2017
Originally published: . Volume 8, No. 9. Source pages: 4.
Gov. John Bel Edwards officially proclaimed August 2017 as #ABLEtoSave Month, raising awareness about the integral role the Achieving a Better Life Experience (ABLE) Act plays in helping individuals with disabilities receive public benefits.
The federal Stephen Beck, Jr. ABLE Act was passed in 2014 and added Section 529A to the federal tax code, which enables individuals with disabilities to save assets without jeopardizing their eligibility for critical public benefits, such as Medicaid and Supplemental Security Insurance (SSI).
The LSUHSC Human Development Center posted that the Louisiana has become the 23rd state to launch an ABLE program. The Louisiana ABLE program, named LA ABLE, will be managed by the Louisiana Office of Student Financial Assistance (LAOFSA) and the Louisiana Tuition Trust Authority (LATTA), the Center noted.
The accounts will be available for Louisiana residents with disabilities. The program allows qualified individuals with disabilities to save up to $14,000 a year in an ABLE account without jeopardizing their eligibility for certain other benefits, such as Supplemental Security Income and Medicaid. The funds in the account can be used for disability-related expenses that assist the beneficiary in increasing and/or maintaining health or quality of life. More information is available at www.able.osfa.la.gov.
“Thousands of our citizens will be empowered as a direct result of the ABLE Act,” said Gov. Edwards. “It will allow families with children who have disabilities to save for their future expenses, and it will enable working adults to save as well while retaining their vital health benefits through Medicaid or Social Security. Rep. Franklin Foil is to be commended for the work he put into passing this important legislation at the state level.”
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