ABLE United will continue to waive account fees through July 1, 2018, in celebration of the program’s successful first year. Since its official launch on July 1, 2016, ABLE United has provided more than 1,000 Floridians with disabilities a new way to save for a better life experience.
ABLE United was made possible because of the passing of the Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act, which was signed into law nationally on December 19, 2014, and in Florida on May 21, 2015. The ABLE Act amended section 529 of the Internal Revenue Code to create tax-free savings accounts for individuals with disabilities.
ABLE United is Florida’s qualified ABLE program, which was established to encourage and assist people with disabilities to save private funds to support health, independence, and quality of life. It allows individuals to save up to $14,000 annually without affecting benefits like Supplemental Security Income (SSI) and Medicaid while the funds in the account grow tax-free. Funds can be used on qualified expenses covering a wide range of categories including housing, transportation, and basic living expenses.
Individuals must be Florida residents at the time of application and have a qualifying disability with onset prior to age 26. Opening an account usually takes about 15 minutes, and the individual with a disability owns the account, but an authorized person may open and oversee the account. There is no minimum contribution requirement, and you can save up to $14,000 per year – individually or with the help of family and friends.
To find out more about opening an ABLE United account, please visit http://www.ableunited.com/.