Sen. Moran, Colleagues Introduce Bipartisan Bill to Expand ABLE Savings Program
More than 34,000 ABLE accounts nationwide help people with disabilities save for the future
Mar 05 2019
WASHINGTON – U.S. Senator Jerry Moran (R-Kan.) today joined U.S. Senators Bob Casey (D-Pa.), Chris Van Hollen (D-Md.) and Pat Roberts (R-Kan.) in introducing the Achieving a Better Life Experience (ABLE) Age Adjustment Act. This bipartisan legislation would expand access to savings accounts that allow people with disabilities to save money by increasing program eligibility and allowing people who have acquired a disability before age 46 to open ABLE accounts.
“The savings plans created through the Achieving a Better Life Experience Act have provided Americans with disabilities better options to plan for their future without burdensome barriers that often exist within federal entitlement programs,” said Sen. Moran. “However, there is still more to be done. While this program has already seen great success, ABLE savings accounts are currently available only to those who acquire their disability prior to their 26th birthday, leaving out millions – including veterans – who would otherwise qualify. I am pleased to continue our bipartisan work by introducing the ABLE Age Adjustment Act, which will expand the age of eligibility and help sustain this program on a long-term basis.”
Sen. Moran was an original cosponsor of the ABLE Act – which was signed into law in 2014 – that made it possible for states to pass legislation allowing people who acquired disabilities before turning 26 to open tax-free savings accounts. The ABLE Act helps people with disabilities and their families save money that can be used to cover qualifying expenses, such as health care or education, without the risk of losing federal disability benefits such as Supplemental Security Income or Medicaid. According to the National Association of Treasurers, 34,707 ABLE accounts have been opened nationwide and more than $171 million has been invested in these accounts.
# # #