Saving for a Rainy Day Now Possible for Florida’s Disability Community Presented By ABLE United
If this past year has taught us anything, it is that saving for the unexpected is critically important. So many people experienced loss of income and other challenges because of COVID-19. But the disability community, especially, is at a disadvantage because many are unable to save for emergencies or rely on personal funds for the unanticipated rainy days.
For so long, many individuals with disabilities were not able to save due to asset and resource limits set by their public benefits programs. For example, those receiving public benefits like Supplemental Security Income (SSI) or Medicaid, were previously only allowed to save $2,000.
These financial constraints inspired a group of parents, who have children with disabilities, to advocate for the passage of the ABLE Act. This led to the creation of ABLE United, Florida’s disability savings program.
Funds in an ABLE United account can be saved with the help of family, friends, and organizations through a gifting page – and may be used for Qualified Disability Expenses including everyday living expenses like groceries, housing, and medical appointments or for future expenses like purchasing a car or house. Individuals can save up to $15,000 each year in an account and those working have the opportunity to save even more through ABLE to Work.
Additionally, to make saving and withdrawing funds even easier, account holders can take advantage of the optional ABLE prepaid card. It not only provides flexibility, but also an opportunity to teach children or young adults the importance of saving, budgeting, and keeping track of their expenses. Think of it as an ABLE United account on the go.
This month, in celebration of Financial Literacy Month, we hope you will take time to assess your finances and consider adding an ABLE United account as a tool in your financial tool belt.