August is #AbleToSave Month
LANSING, Mich. – With August as #AbleToSave Month, the Michigan Department of Treasury reminds disabled individuals of all ages and their families that they may be eligible to open a special investment savings account with state tax benefits.
The Michigan Achieving a Better Life Experience—commonly called MiABLE—is a 529(A)-savings account program administered by the state Treasury Department for those who wish to save for individuals with disabilities. Accounts may be opened by individuals who were disabled before they were 26 years old.
“We want to make it clear that the window for opening a MiABLE account extends to early adulthood,” State Treasurer Rachael Eubanks said. “If you were disabled before your 26th birthday and already receive Social Security benefits, then you are automatically eligible to participate in the MiABLE program.”
Individuals who do not receive Social Security benefits, but still meet the age of onset disability requirement, could still be eligible to open a MiABLE account if they have a condition listed on the Social Security Compassionate Allowances List or meet Social Security’s definition and criteria regarding significant functional limitations and receive a letter of certification from a licensed physician.
Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or state benefits, like Social Security Disability Income, Medicaid and Supplemental Nutritional Assistance Program. MiABLE accounts also allow for savings up to $100,000 without losing other financial disability benefits.
Funds from a MiABLE account are not taxed if used for qualified disability expenses, which include: education, housing, transportation, employment training and support, assistive technology and personal support services, legal fee expenses for oversight and monitoring and end of life expenses.
For more details or to register an account, visit www.miable.org or call 844-656-7225.
To raise awareness about MiABLE and encourage additional savings, this month has been proclaimed by Gov. Gretchen Whitmer as #AbleToSave Month in Michigan.