Rhode Island General Treasurer Seth Magaziner today announced the launch of the "Rhode Island's ABLE" program, which allows Rhode Islanders living with disabilities and their families to save for disability related expenses without sacrificing their eligibility for federal disability assistance programs.
"Living with, or raising a child with a disability can be costly," said Rhode Island General Treasurer Seth Magaziner. "Rhode Island's ABLE marks the first time that the families of young Rhode Islanders living with disabilities will be able to save for future disability related expenses in an easy, tax-advantaged program without sacrificing critical disability benefits."
The Achieving a Better Life Experience Act, which was passed by the U.S. Congress in 2014, allows young people with disabilities and their families to save up to $14,000 in a tax-advantaged account for disability-related expenses annually, without impacting their ability to benefit from supplemental security income (SSI), Medicaid, and other federal programs.
Rhode Island's ABLE investment accounts are now open for enrollment. Individuals living with a disability and their family or guardians can register or learn more online by visiting: http://ri.savewithable.com
"I'm proud that Rhode Island is among the first states in the U.S. to launch this new savings plan, which will expand opportunity for some of our most vulnerable community members," said Health and Human Services Secretary Elizabeth Roberts. "By improving access to tax-advantaged savings accounts, this program will help Rhode Islanders living with disabilities to save money for many expenses while continuing to receive important government benefits, like SSI and Medicaid. It will also help families worry less, knowing their loved ones are better protected as they age."
Rhode Island's 2015 ABLE Act, which authorized creation of the program, was sponsored by Senator Adam Satchell (D-West Warwick) and Representative Robert Nardolillo (R-Coventry) in coordination with Treasurer Seth Magaziner, and signed into law by Governor Gina Raimondo.
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