August is #AbleToSave Month
LANSING, Mich. – Individuals who have a Michigan Achieving a Better Life Experience investment savings account can use those funds to help with health, independence and quality-of-life expenses, according to the Michigan Department of Treasury.
Known as MiABLE for short, the funds saved in 529(A) accounts can be used to off-set the costs associated with a disability. This may include paying for expenses related to education, housing, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management and administrative services or other eligible expenses.
“The dollars saved in a MiABLE account can be used in many different ways,” State Treasurer Rachael Eubanks said. “For those disabled individuals who need the most flexibility, this is important because they can use their savings or earnings to pay medical bills, school bills, transportation costs or other disability-related expenses.”
Unlike traditional savings account, MiABLE savings are not considered when applying for other state or federal benefits, like Social Security Disability Income, Medicaid and the Supplemental Nutritional Assistance Program. Funds from a MiABLE account are not taxed if used for qualified disability-related expenses.
According to the U.S. Census, more than 992,000 people under 65 years old – around 10 percent of Michigan’s population – have a disability.
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.
