Congress Passes Bill to Promote Economic Self-Sufficiency for People with Disabilities

U.S. Capitol BuildingIn a bipartisan vote, Congress passed the Achieving a Better Life Experience (ABLE) Act of 2014, easing the financial burden for individuals with disabilities by creating tax-exempt, state-based accounts that can be used to save for disability-related expenses. In a news release, the Association of University Centers on Disabilities (AUCD) lauded the passage of the legislation, “Currently, individuals with disabilities who depend on federal health or income benefits (such as Medicaid or Social Security) are not permitted to have more than $2,000 in cash savings or assets, which essentially forces individuals to remain poor and unable to save money for emergencies or investments in the future.” The ABLE accounts would be similar to [Section] 529 college savings plans and used for disability-related expenses including education; housing; transportation; employment support; health, prevention, and wellness costs; assistive technology and personal support services.