The State of Texas has a new program aimed at helping people with disability-related expenses. The Texas Achieving a Better Life Experience (Texas ABLE®) Program is open for enrollment.
Texas ABLEgives Texans with disabilities and their families the opportunity to save money for disability-related expenses in a tax-advantaged account without losing their eligibility for certain public benefits such as Supplemental Security Income, Social Security Disability Insurance or Medicaid.
“For too long, Texans with disabilities have been unable to work toward financial independence without endangering their benefits,” Texas Comptroller Glenn Hegar said. “Texas ABLE will help remove this barrier.”
The program is open to eligible Texans who experience the onset of a disability before the age of 26 and are entitled to SSI or SSDI benefits, or have a condition from a physician’s diagnosis of a qualifying condition. Any eligible adult who is at least 18 years old or their legal guardian can open a Texas ABLE account and use it to save up to $15,000 per year .
ABLE account funds, including any earnings, are not subject to federal income tax if used for qualified expenses related to the eligible individual’s disability and for maintaining or improving his or her health, independence or quality of life.
"This is a great opportunity for those who qualify,” Hegar said. “Texas ABLE will help Texans with disabilities become more independent and give them a path toward a more secure future.”
For more information on Texas ABLE, call (844) 4TX-ABLE (844-489-2253) or visit TexasABLE.org