529A Accounts Let Disabled Save Without Risk to Government Aid:
PEOPLE with disabilities will be able to open new, tax-free savings accounts under at least two programs offered nationally this summer.
The state-sponsored accounts are known as 529 ABLE, or 529A, accounts. Authorized in 2014 by the Achieving a Better Life Experience Act (ABLE Act), the accounts are modeled loosely on 529 college savings accounts.
The main benefit of the new accounts is that they allow disabled people to accumulate significant savings without jeopardizing their eligibility for need-based government help like Supplemental Security Income or Medicaid. Disabled people, their families and friends can contribute as much as $14,000 a year without putting federal benefits at risk.
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The Able National Resource Center has a website with information about the accounts.
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