“I'm proud that over the past five years, thousands of Texans have opened a Texas ABLE account — expanding their opportunity to live a more independent life and save toward a better financial future.”
Texas Insider Report: AUSTIN, Texas – Texas Comptroller Glenn Hegar is celebrating a milestone for the Texas Achieving a Better Life Experience (Texas ABLE®) Program — the state’s tax-advantaged savings program for Texans with disabilities. The Comptroller-administrated program marked its 5th year of operation this month.
“I'm proud that over the past five years, thousands of Texans have opened a Texas ABLE account — expanding their opportunity to live a more independent life and save toward a better financial future,” Hegar said.
“Being able to save money for qualified disability expenses, while maintaining eligibility for critical means-tested state and federal benefits such as Supplemental Security Income (SSI) and Medicaid, is a game changer and helps Texans with disabilities create a path toward a better quality of life and greater financial security.”
Through March 2023, almost 3,000 Texans with disabilities had saved and invested a total of $21 million in the Texas ABLE Program. Individuals receiving SSI can save up to $100,000 in an ABLE account without affecting benefit eligibility, or if SSI eligibility is not a consideration, individuals can save up to $500,000 in an ABLE account.
Texas ABLE is open to eligible Texans who experience the onset of a disability before the age of 26 and are entitled to SSI or Social Security Disability Insurance benefits, have a condition on the Social Security Administration’s list of Compassionate Allowances Conditions or have a physician’s diagnosis of a qualifying condition.
Families can contribute funds to the account to help pay for disability expenses today or in the future or to provide for loved ones when they no longer can do so. 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 and for maintaining or improving his or her health, independence or quality of life.
The program is open for enrollment year round and offers a secure online platform to enroll and to manage the account. The program also offers monthly webinars to provide an overview on eligibility, contributions, qualified disability expenses and using the account.
For more information about the program or to register to attend an upcoming webinar, visit TexasABLE.org. You can also learn more by calling 844-4TX-ABLE (844-489-2253).
