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A bill has passed in the House of Representatives that would give individuals with disabilities the opportunity to open tax-free savings accounts to shoulder some of their educational, transportation and healthcare expenses. After receiving a tremendous report in the House, passing by a vote of 404-17, Achieving a Better Life Experience Act (ABLE Act) is currently awaiting approval in the Senate.
Modeled after tax-free college savings accounts, if the bill passes in the Senate, it will be available to individuals who were diagnosed with a severely disabling condition before they were 26 years old, along with people who have already been approved for Social Security Disability Insurance (SSDI) benefits.
The ABLE Act will allow qualifying individuals to deposit up to $14,000 a year toward their expenses with the ability to build to $100,000 without losing eligibility for government aid programs.
If you suffer from a disabling condition that renders you unable to work, this is just one of the benefits that may be available to you, including the Social Security Disability Insurance program based on your past employment history.
The experienced team of Jan Dils, Attorneys at Law, can help you fight for the benefits you deserve. To schedule a 100% free initial consultation, call us toll-free at 1.877.526.3457 or send us an e-mail. We have offices in West Virginia (Parkersburg, Charleston, Logan, Huntington or Beckley) and in Charlotte, North Carolina.
Jan Dils, Attorneys at Law