This just might be THE year for the ABLE (Achieving a Better
Life Experience) Act! If you have
followed this blog for some time you have read my pleas for you to contact your
Senators and Congressmen about it, I have even handed out fliers about it at demonstrations I organize each year. I thank you for your continued support, this is an important piece of legislation for all disabled people!
Congress Eyeing Tax-Free Disability Savings Accounts
February 21, 2014, By Michelle
Diament, Disability Scoop
With significant public backing and
support in Congress, advocates say federal lawmakers are poised to consider a
major change to the money-saving abilities of those with disabilities.
Just one hurdle remains before
Congress is expected to take up the Achieving a Better Life Experience, or
ABLE, Act.
The bill — which has lingered since
at least 2009 — would establish special accounts to allow people with
disabilities to save up to $100,000 without risking their eligibility for
benefits like Social Security. What’s more, under the plan, individuals could
retain Medicaid no matter how much is deposited.
But before Congress can move
forward, lawmakers are waiting for the Congressional Budget Office to weigh in
with an estimate of what the bill would cost the government if it’s
implemented. Once that figure is released — which could happen any day now —
Congress is expected to act swiftly with advocates hoping for a floor vote in
early spring.
“The ABLE Act is a must-pass piece
of legislation for this Congress,” said U.S. Rep. Cathy McMorris Rodgers,
R-Wash., who is a member of the House leadership and a co-sponsor of the bill,
in a statement to Disability Scoop.
Modeled after the popular 529
college savings plans, the ABLE Act would allow individuals with disabilities
to open a special account at any financial institution to pay for education,
health care, transportation, housing and other expenses. Interest earned on
savings within the accounts would be tax-free.
The bill is backed by nearly every
national disability advocacy group and has 63 co-sponsors in the U.S. Senate
and 332 in the U.S. House of Representatives representing both political
parties. An online petition (http://www.change.org/petitions/u-s-house-of-representatives-pass-the-able-act)
favoring the act has generated more than 230,000 signatures.
“The fact that only six bills in all
of Congress have this many co-sponsors is a sign of the overwhelming support
for this effort to make a major difference in the lives of these families,” the
measure’s chief sponsor, Sen. Bob Casey, D-Pa., said in December.
Advocates say it’s about more than
just money for those with disabilities and their families. At present,
individuals often cannot have more than $2,000 at any given time without
forfeiting government benefits. As a result, many people with disabilities
decline to seek out paid employment simply because they don’t want to risk
losing access to Medicaid and other programs.
“It’s really about
self-determination,” said Sara Weir, vice president of the National Down
Syndrome Society.
If the ABLE Act passes, Weir said,
“individuals can go out and get a job and pay for their own expenses and not be
so dependent on the federal government for everything.”