LOSFA Highlights the Importance of ABLE Accounts
PRESS RELEASE
August 21, 2023
MEDIA CONTACTS
Shayne Creppel, Director of Collegiate & Community Outreach: shayne.creppel@la.gov
Ebony Holmes, Director of Public Information & Advising: ebony.holmes@la.gov
Brian Cook, Public Relations Specialist: brian.cook@la.gov
LOSFA Highlights the Importance of ABLE Accounts
Baton Rouge, LA- The Louisiana Achieving a Better Life Experience (ABLE) account program allows individuals and families to save private funds to support persons with disabilities in endeavors to maintain health, independence, and quality of life.
As a Louisiana resident with disabilities, having an LA ABLE account is a great way to save money while maintaining government benefits.
“Prior to ABLE, a Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) recipient could not have more than $2,000 saved,” says Terri Underwood, Director of START Programs. “ABLE paved the way for funds to be saved for expenses that go along with living with a disability and does not interfere with their benefits.”
ABLE accounts can be used for a wide variety of expenses and have the potential to significantly increase the quality of life for individuals with disabilities without jeopardizing much-needed benefits, such as Medicaid and SSI. An account owner can personally save up to $17,000 per year as long as the balance in an account does not meet or exceed $100,000.
“Having an ABLE Savings Account is a benefit; the account protects government benefits, and when the account is used to pay for disability-related expenses, the earnings are nontaxable,” Underwood stated. “Being the mother of a special needs son, the LA ABLE Program is especially dear to me. We can save funds for him to be used now or in the future. That is especially important when I am no longer here.”
Having a LA ABLE account can change the way people with disabilities and their families participate in the community, build financial wellness, and plan for the future by empowering them to save and invest for the added expenses that come with having a disability.
Visit the link below to learn more about how a LA ABLE account can help people with disabilities and their families pay for everyday needs, save and invest with a tax-advantaged account, and prepare for the future.
