Many Floridians with disabilities can now enroll in tax-free savings and investment accounts without the threat of the money they save affecting their government benefits.
Under Florida’s Achieving a Better Life Experience Act, or ABLE, qualified disabled residents will be allowed to save up to 14 thousand dollars annually, without the cash impacting their Supplemental Security Income or Medicaid eligibility.
Before the ABLE Act, people could generally only have two thousand dollars worth of assets and income of no more than 700 dollars per month to remain qualified for the safety net programs.
During a news conference in the state capitol Thursday, State Representative Ray Rodrigues said those conditions have forced many people to accept a life of barely making ends meet each month.
Rodrigues has a son with special needs, and he says the ABLE Act will allow those with unique abilities to have a better chance to fulfill their potential.
“We have now given an opportunity for these individuals to do their best. They are no longer going to be faced with a choice of ‘if I seek independence and I fail, I will lose the safety net’.”
According to the US Bureau of Labor Statistics, about eight out of 10 disabled residents do not participate in the workforce.Rodrigues feels a significant number of those without jobs would like to be self-sufficient, but the threat of losing government entitlements keeps them from seeking work.
Anyone interested in applying for an account or checking their eligibility can visit the website www.ABLEunited.com
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