Savings Limit Increased for Individuals on Disability
Take advantage of this Wonderful Savings Opportunity which NAMI SC has advocated for since December 2014!
After nearly three years, the Able Act becomes law on November 16, 2017. This law gives a savings opportunity for disabled persons to put up to $14,000 per year in an Able Savings Account without losing their benefits! And they are able to use the money without penalty. Currently, the amount they can have on hand is $2,000. The money can go into the account from family, loved ones, the disabled person, or from a trust. The person has to have been disabled by age 26, but this does not mean that they have to have been on Medicaid or Social Security by 26, just that they became sick by this time. A person in Ohio became eligible at age 56. Even better is that you can self certify using your own medical records and doctor’s statement which only has to be in your files, not Medicaid or Social Security.
The website is www.scable.org. Check it out, tell your family and others who will want to take advantage of this program. Help your loved one become financially stable.