During a recent press conference (click here), ABLE United launched a new opportunity for Floridians with disabilities to enhance financial support, independence and quality of life. Stemming from the Florida ABLE Act, persons with disabilities can now have a tax-free savings and investment account without negatively impacting their government benefits. Florida is among the first states to implement and launch an ABLE program.
One feature of the ABLE United Program is that an individual with unique abilities to save with the help of family and friends, since anyone can contribute to the account. A total of $14,000 per year can be contributed to an individual's ABLE United account. Funds in an ABLE Unites account are excluded from certain federal means-tested programs, allowing individuals to save up to $100,000 without impacting Supplemental Security Income (SSI) and even more without impacting Medicaid.
To be eligible to open an ABLE United account, the individual must meet the disability and severity requirements outlined by the Social Security Administration, have experienced the onset of blindness or the disability before age 26, and be a Florida resident. There is no cost to open an account and the monthly account fee is waived until July 1, 2017.
For more information about ABLE United CLICK HERE, or to open an ABLE account please visit ableunited.com