State Treasurer Michael L. Fitzgerald reminds individuals with disabilities they can “march” into financial independence with IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan. “To qualify for federal benefits like Supplemental Security Income and Medicaid, persons with disabilities must have less than $2,000 to their name, which inhibits people’s ability to save,” said Fitzgerald, administrator of the Plan. “IAble gives them the opportunity to overcome that financial barrier and live a more independent life.”
With IAble, eligible individuals and their support systems can contribute up to $16,000 a year while still qualifying for those assistance programs. * The individual with the disability is always the account owner and, if over the age of 18 and legally capable, always in control of the funds. The money invested can be spent on assistive technology, support services, groceries, rent and any other qualified expense helping to improve their quality of life. **
“Everyone should have the ability to save,” continued Fitzgerald. “Having the means to live by yourself, afford day-to-day expenses and achieve financial freedom is a goal for everyone to embrace. IAble is helping individuals with disabilities accomplish that goal.”
Friends and families can help account owners on their path to independence by making contributions of their own. Any Iowa taxpayer who contributes to an IAble account is eligible for the $3,522 state tax deduction for 2022. ***
For more information on IAble, visit IAble.gov and connect with the Treasurer on Facebook and Twitter.
