The Federal ABLE Act was signed into law in December 2014 and the Texas ABLE Program was signed into law the following June. Once enrollment opens, people with disabilities who qualify will be able to open special savings accounts (called ABLE accounts) for disability-related expenses without impacting their SSI or SSDI benefits.
Families will hear more and more about the ABLE program as the program rolls out. It’s important to understand the purpose of ABLE accounts and how to use them. If you can an accountant, they can help you decide if this is a good program for you or your loved one.
An individual is eligible if they:
Here are the details:
Some states will allow you to open an ABLE account even if you don’t live there. Check with your accountant or financial adviser regarding this possibility.
For more information and to receive updates as to when ABLE accounts will be available in Texas, go to their website www.texasable.org. H.R. 647, ABLE Act of 2014, and the IRS guidance for the Treasury rules here.
You can find more information on financial help on this website.
During the COVID-19 pandemic, we asked parents of children with disabilities and special health care needs to share their tips and stories about caring for their children during difficult times.