Florida's
ABLE program reaches a major milestone, empowering individuals with
disabilities and their families to save for future expenses, while
maintaining access to critical benefits
TALLAHASSEE, Fla., Aug. 19,
2024 /PRNewswire/ -- August 14 marks a monumental achievement for
Florida's disability community as
ABLE United, the state's qualified ABLE program, celebrates
surpassing $100 million in savings on
the inaugural national ABLE Savings Day.
The Stephen Beck, Jr., Achieving a Better Life Experience (ABLE)
Act, which passed federally in 2014, empowers individuals with
disabilities and their families to save for future expenses while
maintaining eligibility for public benefits, like Supplemental
Security Income and Medicaid. In July
2015, the State of Florida
created ABLE United, a registered not-for-profit and direct support
organization of the Florida Prepaid College Board.
ABLE United accounts allow Floridians with a disability to save
up to $18,000 per year, and family
and friends can contribute to maximize savings. Funds saved in an
ABLE account can be used for various expenses, such as assistive
technology, education, housing, transportation, health care and
more. Enrollment is free, there are no monthly fees, and savings
grow tax-free if withdrawals are made for Qualified Disability
Expenses.
"This $100 million milestone is a
testament to the power of ABLE accounts in Florida and the profound impact they have on
the lives of individuals with disabilities and their families,"
said John Finch, Director of ABLE
United. "ABLE accounts have helped foster independence, confidence,
and an improved quality of life for our account holders."
Florida is joining the 43 other
states with ABLE programs in celebrating national ABLE Savings Day,
which was created to raise awareness of this innovative savings
opportunity. According to the National Association of State
Treasurers, more than 170,000 Americans with disabilities have
collectively saved $1.9 billion in an
ABLE account.
"We want all Floridians with disabilities to be aware that they
can achieve greater financial independence and plan for a brighter
future without jeopardizing essential benefits. That journey begins
the minute they open an ABLE United account," Finch said.
At ABLEUnited.com, Floridians can explore:
- the inspiring "Faces of ABLE" campaign, which showcases the
journeys of account holders
- a Savings Calculator that allows individuals to see how
they can meet financial goals
- eligibility information and a link to open an account.
Over 10,000 Floridians and their families are now able to secure
their future with ABLE United. It's more than saving. It's
investing for a better life.
ABOUT ABLE UNITED
In July 2015, the State of Florida created Florida ABLE, Inc.
(d/b/a ABLE United) a registered not-for-profit and direct support
organization of the Florida Prepaid College Board to administer the
ABLE United Program. Our mission is to encourage and assist the
saving of private funds to help persons with disabilities cover
costs that support their health, independence and quality of life.
The Florida Prepaid College Board, established in 1987, oversees
more than $15 billion in investments
for the Stanley G. Tate Florida Prepaid College Program and the
Florida 529 Savings Program under
Section 529 of the Internal Revenue Code. For more information
about Florida's qualified ABLE
program, please visit: ableunited.com
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SOURCE ABLE United