Crouch Encourages Qualified Individuals to Take Advantage of NY Able Program
The NY ABLE program, or New York State Achieving A Better Life Experience legislation was signed into law in 2015, and enrollment for the program opened August 10. The program focuses on encouraging and assisting individuals and families to save private funds in accounts to help individuals with disabilities to maintain their health and quality of life. The account is exempt from tax on its earnings as long as the funds are used to pay for qualified expenses.
Eligible participants have to be residents of New York State with a disability which was present before the age of 26, classified as blind, have a disability included on the Social Security Administration’s List of Compassionate Allowance conditions, or have a written diagnosis from a physician indicating a medically-determinable physical or mental impairment which results in marked severe functional limitations.
The individuals, parents or legal guardians are able to open accounts, but anyone can contribute to an individual’s ABLE account. One account is permitted per person with an annual contribution cap of $14,000 and a maximum account balance of $100,000.
A NY ABLE account can be used for anything related to the individual’s disability, including but not limited to education, housing, transportation, employment and training, assistive technology, personal support services, financial management and funeral and burial expenses.
I strongly encourage any eligible individual or legal guardian to visit the state comptroller’s website at https://www.mynyable.org/home.html for more information. You can also call, 1-855-569-2253, or email email@example.com.