The IDA program (Individual Development Account) was originally begun as a program to assist individuals who are economically disadvantaged. Now, the IDA Program helps people with disabilities build their assets without losing valuable SSI and SSDI benefits.
Individuals with disabilities can use their IDA to purchase a home, go to college or technical school, or start up a small business. Once that goal is achieved, the home will not count as a financial asset or resource as long as the individual lives in it, the education and training do not count as a financial asset or resource, and the business may not count as an asset or resource depending on how the business is created.
Private foundations and the public sector fund most of the programs. Local financial institutions hold the accounts, and contributions by participants are matched using both private and public sources. All participants receive economic literacy training that includes workshops for cleaning up one's credit, setting up a budgeting and savings schedule, and other basics of money management, in short, to develop financial independence.
The IDA provider may also provide financial literacy, budgeting, credit counseling and/or volunteer income tax assistance (VITA) services. These services provide an individual the opportunity to increase their ability to earn, budget and save towards their goal.
Each IDA program has eligibility guidelines that determine the income and asset limits of those who would like to open an IDA. Each program has rules the applicant will need to follow, such as participating in a financial literacy program or saving a minimum amount each month in an IDA account. Each IDA program also has counselors to help with the process.
The Florida Developmental Disabilities Council has set up a Benefits Planning Initiative which will create a resource for individuals, family members, and community agencies in connecting the benefits planning and asset development as key strategies in advancing the economic self-sufficiency of persons with disabilities. Interested persons can learn more about IDAs by contacting:
• WIPA (Work Incentive Planning and Assistance) Project at http://www.socialsecurity.gov/work/ServiceProviders/WIPADirectory.html
• Social Security Administration – 1-800-722-1213 - Make an appointment with your Claims Representative or with the Work Incentive Liaison in your local office so that you have a full understanding of your rights and responsibilities.
www.ssa.gov/notices/supplemental-security-income/spotlights/spot-indiviu...
• CFED (Corporation for Enterprise Development)
www.cfed.org or http://idanetwork.cfed.org