Federal government lifts cap placed on savings accounts for individuals with disabilities

State Representative Charlie Meier (R-Okawville) is pleased to announce changes to a new federal law affecting individuals with disabilities. Effective this year, the $2,000 cap on savings accounts for individuals with disabilities has been lifted.

According to State Representative Charlie Meier, “healthcare and the cost of living is not getting any cheaper.  Giving individuals with disabilities an option to save money for housing, healthcare, and transportation costs will certainly improve one’s quality of life and is just common sense.”

In December 2014, President Obama signed the Achieving a Better Life Experience Act (ABLE) into law. ABLE accounts are similar to 529 education savings accounts and will allow individuals and families to save for disability related expenses without jeopardizing disability benefits provided by Social Security and Medicaid.

Rep. Meier added, “prior to the ABLE Act, individuals with disabilities were not given the same financial incentives as persons without disabilities – putting individuals and families at a disadvantage by essentially penalizing individuals with disabilities from obtaining adequate private funds to take care of their well-being.  Furthermore, the ABLE Act will give more control to an individuals needs by having the opportunity to save without the risk of losing their benefits.”

Representative Meier is a strong advocate for individuals with disabilities in the Illinois General Assembly.  If you have a question or issue regarding state government, please contact Representative Meier’s office at 618-651-0405.

Listen to Rep. Meier’s interview on the ABLE Act here