NORTHWEST ARKANSAS, Ark. (KNWA) — After several years in the making, a new savings tool for people with disabilities is being rolled out in Arkansas.
Arkansas Treasurer Dennis Milligan announced the state’s achieving a better life experience — or ABLE Program.
It’s an investment account that allows people with disabilities to save for disability-related expenses on a tax-free basis.
This program does not affect eligibility for social security, Medicaid and other public benefits.
Julie Mayberry introduced the legislation and her daughter, Katie, was the first to open up an able account today.
“Now I’m realizing that I am getting older and that I will have to start thinking of those things, and it’s nice to have the ability to use money from that,” Mayberry said.
ABLE accounts are open to Arkansans with a physical or mental disability, as long as the disability occurred prior to age 26.
Funds from the account may be used for any expense that is incurred as a result of living with that disability.
Accounts can be opened for as little as $25, and account owners can contribute up to $15,000.
Click here to apply for an Arkansas ABLE account.
Click here for program rules and regulations.
Click here for ABLE Infographic.