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Advisory council hears overview of ABLE Now savings accounts for people with disabilities
Summary
Department of Developmental Services staff presented ABLE Now, a federal tax-advantaged savings program for people with disabilities, explaining eligibility, contribution limits, how accounts affect Medicaid and SSI, and state payback rules; council members asked about waivers, beneficiaries and plan fees.
Yvonne Pentaha, Department of Developmental Services staff, gave advisory council members a basic briefing on ABLE Now, a federal program that lets people with disabilities save in tax-advantaged accounts without automatically jeopardizing public benefits.
ABLE Now is the federal Achieving a Better Life Experience Act program. "ABLE Now is the Achieving a Better Life Experience Act, which is a tax advantage savings program for individuals with disabilities," Pentaha told the council, and she said the accounts "allow individuals to save and invest money without it impacting their state and federal benefits." She described…
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