Soon it will be Springtime and St. Patrick’s Day. "Springtime is the land awakening. The March winds are the morning yawn." – Lewis Grizzard. Ah, spring. It’s our season of hope, holding a promise that change is a-comin’, for the better. The river will “flow again after it was frozen,” Ernest Hemingway wrote of the season in “A Moveable Feast.
In this update, I would like to go over the Able Act because it is a good way for our consumers to work without penalty of losing other benefits. The Coffee House will be open soon & with that new employment opportunities.
THE ABLE ACT
The Federal Government has given guidance on how money saved in a relatively new type of savings account for people with disabilities. The accounts are designed to allow people with disabilities the ability to save money without jeopardizing government benefits.
The entire value of the individual’s ABLE account will be excluded from the household’s assets. This means actual or imputed interest on the ABLE account balance will not be counted as income. Distributions from the ABLE account are also not considered income.” ABLE accounts allow individuals with disabilities to save up to $100,000 without risking eligibility for Social Security and other government benefits. Medicaid can be retained no matter how much is saved in the accounts. Money in ABLE accounts can be used to pay for qualified disability expenses including education, health care, transportation and housing. Interest earned is tax-free.
In Michigan, these accounts are known as MiABLE accounts. The Michigan Department of Treasury is in charge of the MiABLE Program. Investment services are managed by an organization called TSA Consulting Group. People can use money from MiABLE accounts to pay for “qualified disability expenses” and other expenses that are medically necessary.
Applicants must have a disability that started before they turned 26. If they receive SSI or Social Security Disability Insurance (SSDI), they are likely automatically eligible. If not receiving SSI or SSDI, eligibility criteria set by the Social Security Administration apply.
A disability certification from a medical doctor (M.D. or D.O.) is required. Applicants do not need to be Michigan residents; they can apply from any state that offers ABLE accounts.
Investment services are handled by TSA Consulting Group. Seven investment options are available, including a regular checking account and mutual funds with varying risk levels. Money from MiABLE accounts does not replace benefits from other sources like SSI and Medicaid.
Qualified Disability Expenses: Funds can be used for medically necessary expenses. Examples include housing, transportation, and other disability-related costs.
How to Get an Account: Complete the enrollment form online on the MiABLE website.
Applicants do not need to be under 26 when applying but must have been diagnosed with the disability before their 26th birthday. For more information, you can call MiABLE customer service at (844) 656-7225, Monday through Friday, from 8:00 am to 5:00 pm. They are trained to assist people with disabilities.
Kevin
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