Lt. Gov. Brian Calley announced that the Michigan Achieving a Better Life Experience program has hit a new milestone with more than $5 million in assets.
Known as MiABLE for short, the 529(A) disability savings account program offers investment and tax incentives for families and others who wish to save for individuals with disabilities. Since launching on Nov. 1, 2016, nearly 1,400 accounts have been opened and more than $5 million has been saved by families across Michigan.
“This is an incredible accomplishment for Michiganders with disabilities and their families,” Calley said. “The Able Act provided the most substantial reform for people with disabilities since the Americans with Disabilities Act was signed in 1990. MiABLE has empowered individuals to save money and plan for the future without jeopardizing any state or federal disability benefits.”
MiABLE allows for individuals to save up to $100,000 without jeopardizing their federal and state disability benefits. Funds from an ABLE 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 funeral and burial expenses.
Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or state benefits such as Social Security Disability Income (SSDI), Medicaid or Supplemental Nutritional Assistance Program (SNAP).
MiABLE account owners and beneficiaries are now eligible to receive a debit card that can be used to pay for qualified disability expenses.
Individuals 18 years old or older with a portion of their MiABLE savings allocated in cash can sign up for an account debit card. If the account beneficiary is a minor, the account administrator is eligible to request a debit card and will be listed as the primary cardholder.
The MiABLE program is administered by the state Treasury Department. For more information or to request a debit card, visit www.miable.org or call 844-656-7225.