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Congress Weighing Tax-Free Disability Savings Accounts

Date Released: 
Fri, 08/22/2014

Congress Weighing Tax-Free Disability Savings Accounts

A long-stagnant bill that would establish a new way for people with disabilities to save money without jeopardizing their government benefits is starting to make its way through Congress.

The legislation known as the Achieving a Better Life Experience, or ABLE, Act would allow people with disabilities to create special accounts where they could save up to $100,000 without risking eligibility for benefits like Social Security. What’s more, under the plan, individuals would not lose Medicaid coverage no matter how much money is deposited in the proposed accounts.

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