To all your abilities, now add the ability to save.
As of July 27th, 2017, ABLE accounts are open for enrollment in Indiana.
INvestABLE Indiana was created in response to the Achieving a Better Life Experience Act (ABLE) of 2014, which allows people with disabilities and their families to save for many daily disability expenses on a tax deferred basis without limiting their ability to benefit from SSI, Medicaid, and other federal programs.
Who is eligible to open an ABLE account through INvestABLE Indiana?
You can open an account for yourself, or an authorized person can open one for
-You were diagnosed with a disability before the age of 26; and
-One of the following is true:
1. You experience blindness as defined by the Social Security Act; or
2. You’re eligible to receive Social Security disability benefits (SSI or SSDI) or
have a similarly severe disability and can provide a written diagnosis from a
What are Qualified Disability Expenses?
These are any expenses that:
-are incurred at a time when the Account owner is an Eligible Individual
-relate to the blindness or disability of the Account Owner
-are for the benefit of the Account owner in maintaining or bettering his or
her health, independence, or quality of life.
Some (but not all) Qualified Expenses include things like education, health, housing, transportation, legal fees, employment training, assistive technology, basic living expenses, and end of life expenses.
Want to learn more about opening an account for yourself or for a loved one through INvestABLE Indiana? Give us a call or learn more about investment options and where to begin here.
Stasia is thrilled to serve on the board of the Indiana ABLE Authority, which has helped bring this legislation to life in Indiana.