“An ABLE account can be a game-changer for Texans with disabilities and their families.”
Texas Insider Report: AUSTIN, Texas – Acting Texas Comptroller Kelly Hancock is joining the National Association of State Treasurers (NAST) in recognizing today as the second annual Achieving a Better Life Experience (ABLE) Savings Day and reminding Texans with disabilities and their families about the advantages ABLE plans can offer people living with disabilities.
According to NAST, more than 195,000 Americans with disabilities have collectively saved $2.3 billion in ABLE accounts. ABLE accounts empower many to save for qualified disability expenses critical to maintaining health, independence and quality of life.
“An ABLE account can be a game-changer for Texans with disabilities and their families,” said Hancock. “It’s about having the freedom to plan for the future and meet life’s needs. Here at the Comptroller’s office, our team will keep working to ensure every eligible Texan gets the information and support they need to open an account.”
The Texas ABLE Program is open to eligible Texans who experience the onset of a disability before age 26 and meet at least one of the following criteria:
- Are entitled to Supplemental Security Income or Social Security Disability Insurance benefits.
- Have a condition on the Social Security Administration’s list of Compassionate Allowances Conditions.
- Have a physician’s diagnosis of a qualifying disability.
Families can contribute funds to an ABLE account to help pay for qualified disability expenses today or in the future. ABLE account withdrawals, including any earnings, are not subject to federal income tax if used for qualified expenses related to the eligible individual’s disability without jeopardizing their means-tested government benefits.
For more information about Texas ABLE, including investment options, associated fees and how to open an account, call 844-4TX-ABLE (844-489-2253) or visit TexasABLE.org. Register for an upcoming webinar to learn more about eligibility requirements, contributions, qualified disability expenses and account use.
