Please contact your Senators and Representatives and ask them to cosponsor the ABLE Age Adjustment Act! The ABLE Age Adjustment Act (S. 651 /H.R. 1814) would amend Section 529A(e) of the Internal Revenue Code to increase the eligibility threshold for ABLE accounts for onset of disability from prior to age 26 to prior to age 46 so that over 6 million more people with disabilities can take advantage of this important savings tool.

Achieving a Better Life Experience (ABLE) accounts, created under the bipartisan Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act (PL 113-295) in December 2014, allow individuals with disabilities the opportunity to save resources in a tax-advantaged savings account (an ABLE account) for the purposes of covering disability-related expenses. The resources saved in an ABLE account are not considered “assets” for eligibility and benefits determinations for federally funded means tested benefits, including Supplemental Security Income (SSI) and Medicaid. Prior to the passage of the ABLE Act, very few savings mechanisms existed that allowed people with disabilities who depended on public benefits to save more than $2,000 in assets.  ABLE has been transformative in providing people with disabilities and their families with a financial tool to achieve greater financial independence and self-reliance while maintaining their public benefits.

Unfortunately, under the current law, many people with disabilities are excluded from utilizing this important savings tool. Due to a last minute change to the original legislation, ABLE accounts are only available to people whose disability onset prior to their 26th birthday. Many individuals who could benefit from ABLE accounts are left out, since many conditions can and do occur later in life, including multiple sclerosis, Lou Gehrig’s disease or paralysis due to an accident. Additionally, veterans who become disabled as a result of their service after age 25 are currently ineligible for ABLE accounts.By passing the ABLE Age Adjustment Act, an additional 6 million more people with disabilities would be eligible to open ABLE accounts, nearly doubling the current eligible population. Passing this critical legislation will increase the financial security of people across the spectrum of disabilities without jeopardizing their much-needed public benefits.

It is important to pass the ABLE Age Adjustment Act now. There are currently over 40 states with ABLE programs. However, the National Association of State Treasurers (NAST) reports that enrollment in ABLE programs is too low to maintain self-sustainability and continue to offer a robust choice of ABLE plans with low fees. The ABLE Age Adjustment Act would significantly expand the pool of eligible ABLE participants and increase enrollment, addressing this challenge. NAST has identified passage of the ABLE Age Adjustment Act as its top legislative priority to enhance the sustainability and affordability of ABLE programs.

TAKE ACTION!

Please contact your elected officials and ask them to cosponsor the bipartisan ABLE Age Adjustment (S. 651/H.R. 1814). Expanding the eligibility for ABLE accounts will enable 6 million more people with disabilities to avail themselves of this critical savings tool. It will also bolster the sustainability of ABLE programs nationwide.

Thank you for your advocacy efforts!

The NDSC Policy & Advocacy Team

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