To help those with disabilities in Michigan save for their future, Michigan has launched the Michigan Achieving a Better Life Experience (Mi-ABLE), which is a savings account offering investment and tax incentives for families and others who wish to save for individuals with disabilities.
“The Able Act is the most substantial reform for people with disabilities since the Americans with Disabilities Act was signed in 1990,” Calley said. “Michiganders with disabilities will now have the freedom to save money and plan for the future without jeopardizing any state or federal disability benefits. By removing barriers, we can help all Michiganders live self-determined, independent lives.”
Funds from a Mi-ABLE account are not taxed if used for qualified disability expenses, including education; housing; transportation; employment training and support; assistive technology and personal support services; legal fee expenses for oversight and monitoring; and funeral and burial expenses.
“The cost of living with a disability can be extremely expensive,” said state Rep. Anthony Forlini, who sponsored the legislation creating the MiABLE program. “This program not only allows families to save for their loved ones, but also incentivizes long-term savings and financial stability for those who need it most.”
Unlike other savings accounts, Mi-ABLE savings are not considered when applying for other fede3ral or state benefits like Social Security Disability Income, Medicaid or Supplemental Nutritional Assistance Program. Mi-ABLE accounts also allow for savings up to $100,000 without losing other financial disability benefits.
To commemorate the launch of the program, Gov. Rick Snyder has proclaimed Nov. 1, 2016 as Mi-ABLE day. For more information, click here.