What You Should Know About Special Accounts for the Disabled

You may have heard that there’s a new kind of plan out there for savings for disabled individuals, specifically as it relates to long-term care. Some people are under the impression that this is a new version of a 529 plan, but it’s actually a new type of account that is similar in certain ways, especially meant for those who have disabilities. This is known as the ‘Achieving A Better Life Experience’ Act which was signed by Barack Obama in December of 2014. This Law allows individuals with disabilities to have a tax-free savings account in which they can set aside up to $100,000 without jeopardizing their eligibility for government programs, like Medicaid or supplemental security income. 

This is known as the ‘Achieving A Better Life Experience’ Act, which was signed by Barack Obama in December of 2014. This Law allows individuals with disabilities to have a tax-free savings account in which they can set aside up to $100,000 without jeopardizing their eligibility for government programs, like Medicaid or Supplemental Security Income.