Legislation allows for creation of tax-free savings accounts for individuals with disabilities
Congressman Brian Higgins announced today the House of Representatives approval of H.R. 647, the Achieving a Better Life Experience Act (ABLE Act). This legislation creates tax-free savings accounts for individuals with disabilities. Higgins cosponsored the legislation.
"As a nation, we must continue to ensure that persons with disabilities receive the needed assistance to live full and productive lives," Higgins said. "This legislation helps them to do just that by creating savings accounts to help with both short and long-term expenses."
The savings accounts allowed for under the ABLE Act can be used to cover expenses for daily necessities such as medical and dental care, education, employment training, housing and transportation. The bill supplements benefits provided through private insurance, Medicaid and other sources. The ABLE accounts allow individuals with disabilities to remain eligible for government benefits, such as Social Security, but also to accrue up to $100,000 in savings.