ABLEnow to Open Nationwide in Late 2016
RICHMOND Va.—ABLEnow, the Virginia-sponsored ABLE savings program, will open for nationwide enrollment in late 2016. Virginia will be among the first states in the country to open an ABLE program for eligible individuals living with disabilities.
“As part of our expanded mission, Virginia529 is committed to launching our ABLEnow program in early December of this year,” said Mary Morris, CEO of Virginia529. “We’re confident this new savings program will result in a better future and increased independence and financial wellness for individuals with disabilities and their families, both in Virginia and across the country.”
ABLE programs are made possible by the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act, which is recognized as the most significant federal legislation addressing the needs of persons with disabilities since the Americans with Disabilities Act more than 25 years ago. The ABLE Act authorized states to establish tax-advantaged savings programs for individuals with disabilities. In 2015, the Virginia General Assembly approved legislation, signed into law by Governor McAuliffe, authorizing Virginia529 College Savings Plan to develop the Commonwealth’s ABLE program.
Similar to college savings and health savings accounts, ABLE accounts allow people with disabilities to fund qualified expenses with tax-advantaged savings. Money in an ABLE account may be used to pay a variety of expenses related to maintaining health, independence and quality of life. ABLE account savings do not endanger eligibility for most means-tested programs, including Medicaid and Supplemental Security Income (SSI) benefits.
As the primary sponsor of the Virginia529 College Savings 250 NASCAR XFINITY Series race, Virginia529 will introduce and celebrate ABLEnow at the start of the Sept. 9 race at Richmond International Raceway. ABLE advocates will serve as Grand Marshals and represent ABLEnow during the race’s Opening Ceremonies.
Learn more about ABLEnow and subscribe to updates at able-now.com.