More than 13,000 Americans with disabilities are saving with ABLEnow. Representing all 50 states, ABLEnow customers have collectively contributed almost $170 million to their accounts since the program opened in 2016.
The sixth anniversary of the ABLEnow program coincides with the eighth anniversary of the federal Stephen Beck Jr., Achieving a Better Life Experience (“ABLE”) Act. Signed into law in December 2014, the ABLE Act allows states to create tax-advantaged ABLE savings programs for people with disabilities.
In 2015, Virginia became the first state in the country to pass ABLE legislation following the federal ABLE statute. The state legislation authorized development of ABLEnow. And thanks to a 2015 amendment of the ABLE Act eliminating a state residency requirement, ABLEnow opened for national enrollment in December 2016. It’s grown to be the country’s largest independent ABLE program.
During 2022, ABLEnow introduced several enhancements for customers:
- Save more money. The annual contribution limit rose on January 1, 2022 – the first increase since 2018. The ABLE contribution limit is tied to the IRS’s annual gift tax exclusion.
- Enroll with new options. If an eligible individual cannot open their ABLEnow account, or would prefer to have assistance, an Authorized Representative can open and manage the account for them. Now, certain organizations and professionals can open and manage ABLEnow accounts for eligible clients.
- Track expenses with ease. An online enhancement provides ABLEnow customers with a convenient new tool to upload receipts, add details, and organize Qualified Disability Expenses.
- Enjoy the convenience of ABLEnow with more piece of mind. ABLEnow regularly strengthens security protections as threats evolve. This year ABLEnow introduced risk-based, multi-factor authentication to add additional layers of security for accounts.
Need to open an account? There’s never been a better time to save for health, independence and quality of life. Open an ABLEnow account today.