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Support for Savings for Individuals with Disabilities: ABLE Account Matching

This act aims to help individuals with disabilities who have lower incomes save money. It introduces government matching payments to their ABLE savings accounts, making it easier for them to build financial stability without losing essential benefits. Additionally, the act requires demographic data collection on account users to better understand their needs.
Key points
Individuals with disabilities and lower incomes can receive government matching payments for their ABLE savings accounts, up to $2,000 annually.
These matching payments are designed to boost savings and improve quality of life, without affecting eligibility for other benefits.
The act also allocates funds for promoting ABLE accounts and the matching contribution credit, encouraging wider participation.
It mandates the collection of demographic information (race, gender, disability type) from ABLE account beneficiaries to help tailor programs more effectively.
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Additional Information
ABLE MATCH (Making Able a Tool to Combat Hardship) Act
Print number: HR 5102
Sponsor: Rep. Dingell, Debbie [D-MI-6]
Process start date: 2023-08-01