ABLE Awareness Act: Easier Saving for People with Disabilities.
This Act mandates federal agencies, including Social Security and the VA, to inform individuals with disabilities about ABLE accounts when they enroll in assistance programs. ABLE accounts allow people to save money for disability-related expenses without jeopardizing their eligibility for critical social benefits. The goal is to significantly increase the number of people utilizing this important financial tool, enhancing their financial security.
Key points
Government agencies (e.g., Social Security, Medicaid, VA, housing programs) must automatically provide information about ABLE accounts upon enrollment, eligibility review, or when an overpayment occurs due to exceeding resource limits.
ABLE accounts allow individuals to save for future needs (e.g., education, healthcare, transportation) without risking the loss of means-tested benefits like SSI or Medicaid.
The law authorizes $50 million annually from 2025 to 2029 for grants to States to promote and advertise the ABLE program, increasing outreach to millions of eligible individuals.
Status:
Expired
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