Miss. ABLE program allows those with disabilities to have more money in their name
PINE BELT, Miss. (WDAM) - For those who receive public benefits through disability needs, they can only have around $2,000 to their name in order to keep those benefits.
However, if they register for an ABLE account, they can withhold hundreds of thousands of dollars in this account without affecting their benefits.
“ABLE is a bank account for Mississippians with disabilities that allows them to save additional money and keep their benefits in place,” said Billy Taylor, chief of staff for the Mississippi Department of Rehabilitation Services. “So, currently, if you have Medicaid or are getting a Social Security Disability check, you can only have a couple thousand dollars in your name and keep those benefits in place.”
“Now, with this new ABLE program, you can deposit money into the able account and keep those benefits.”
Opening an ABLE account can give the person peace of mind.
The ABLE program was first passed in Mississippi in 2017, but it was in the works for much longer.
“It’s been a push for the disability community for a long time,” Taylor said. “People have said ‘I need my Medicaid coverage, I need my monthly disability check, but I can’t save money in my name because I’m worried about losing those important benefits.’ So, after many years of lobbying to Congress, the disability community was finally able to get this ABLE Act passed.”
This movement was a huge step for the disability community to be able to have more money in their accounts. However, it’s not just the recipient who can put money into their ABLE account.
“This is also great for parents or grandparents who have children or grandchildren with disabilities because they can actually put money into that account for that young adult for their future,” said Chris Howard, executive director at Mississippi Department of Rehabilitation Services. “The other cool thing is the parent or grandparent, when they make those contributions, they get a tax deduction on their Mississippi income tax.”
For further information on the ABLE program, CLICK HERE.
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