I set up an account for my daughter Lily who has autism.The first day I could. Now, I can start to save for her future. I can also have the extra piece of mind that it’s there if I need it for therapies or equipment for her.
Questions from readers about the ABLE United program I hope this will answer some of them.
Frequently Asked Questions about the ABLE United Program:
1. What is the ABLE Act?
The Stephen B, Jr. Achieving a Better Life Experience (ABLE) Act, a federal law enacted in December 2014, authorizes each state to establish a program that offers tax-free savings and investment options to encourage individuals with a disability and their families to save private funds to support health, independence, and quality of life. Money contributed to an account in one of these programs is generally disregarded when determining eligibility for federal benefit programs, such as Supplemental Security Income (SSI) and Medicaid.
In July 2015, the state of Florida created the ABLE United Program which launched on June 8, 2016.
2. What is the ABLE United Program ?
2. What is the ABLE United Program ?
The ABLE United Program is the qualified ABLE program offered by the state of Florida. The Program is administered by Florida ABLE, Inc. a direct-support organization of the Florida Prepaid College Board (Board). The Board, established in 1987, oversees approximately $15 billion in collective investments in the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Program.
3. What is an ABLE account?
3. What is an ABLE account?
An ABLE account is a tax-free savings and investment account established to support qualified disability expenses for an individual with a disability, including living expenses. Money in an ABLE account is generally disregarded when determining eligibility for federal benefit programs, such as Supplemental Security Income (SSI) and Medicaid.
The ABLE United Program is the qualified ABLE program offered by the state of Florida. ABLE accounts in the ABLE United Program are referred to as ABLE United accounts.
Eligibility
The ABLE United Program is the qualified ABLE program offered by the state of Florida. ABLE accounts in the ABLE United Program are referred to as ABLE United accounts.
Eligibility
4. Who may open an ABLE United account?
There are three eligibility criteria for opening an ABLE United account:
(1) Disability Severity Criteria
The individual must be blind or have a disability that meets the disability and severity requirements for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).
(2) Disability Onset
The onset of blindness or disability must have occurred before the individual’s 26th birthday. Current age is not considered when opening an ABLE United account – except that the account must be opened by an adult 18 years of age or older.
(3) Florida Residency
The individual must be a Florida residential the time of application.
Q: Does my condition meet the eligibility requirements for an ABLE United account?
An individual meets the disability and severity criteria to open an ABLE United account if at least one of the following are true:
1. The individual receives Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI)
2. The individual has a condition on the List of Compassionate Allowances Conditions maintained by the Social Security Administration.
3. The individual has a diagnosis from a physician that the individual has a medically determinable physical or mental impairment that results in marked and severe functional limitation(s), and which can be expected to result in death, or has lasted or can be expected to last for a continuous period of not less than 12 months.
The Internal Revenue Service categorizes eligible disabilities as follows:
Developmental Disorders: Autistic Spectrum Disorder, Asperger’s Disorder, Developmental delays and learning disabilities
Intellectual Disability: May be reported as mild, moderate, or severe intellectual disability
Psychiatric Disorders: Schizophrenia, Major depressive disorder, Post-Traumatic Stress Disorder (PTSD), Anorexia Nervosa, Attention Deficit/Hyperactivity Disorder (AD/HD), Bipolar Disorder
Nervous Disorders: Blindness, Deafness, Cerebral Palsy, Muscular Dystrophy, Spina Bifida, Juvenile-onset Huntington’s Disease, Multiple Sclerosis, Severe sensorineural hearing loss, Congenital cataracts
Congenital Anomalies: Chromosomal abnormalities, including Down Syndrome; Osteogenesis Imperfecta, Xeroderma Pigmentosum, Spinal muscular atrophy, Fragile X Syndrome, Edwards Syndrome
Respiratory Disorders: Cystic Fibrosis
Other: Includes Tetralogy of Fallot, Hypoplastic left heart syndrome, End-stage liver disease, Juvenile-onset rheumatoid arthritis, Sickle cell disease, Hemophilia, and any other disability not listed
5. What is considered a Qualified Disability Expense? What isn’t considered a Qualified Disability Expense?
The laws protecting ABLE accounts describes a Qualified Disability Expense as any expense that is a benefit to or fulfills a need of the eligible individual with a disability.
This includes expenses for the following: Health, Housing, Transportation, Education, Employment/Training/Support, Assistive Technology, Funeral and Burial, Legal Fee’s, Financial Management, Personal Care and Monitoring, and other expenses approved by the Treasury of Regulations.
There are three eligibility criteria for opening an ABLE United account:
(1) Disability Severity Criteria
The individual must be blind or have a disability that meets the disability and severity requirements for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI).
(2) Disability Onset
The onset of blindness or disability must have occurred before the individual’s 26th birthday. Current age is not considered when opening an ABLE United account – except that the account must be opened by an adult 18 years of age or older.
(3) Florida Residency
The individual must be a Florida residential the time of application.
Q: Does my condition meet the eligibility requirements for an ABLE United account?
An individual meets the disability and severity criteria to open an ABLE United account if at least one of the following are true:
1. The individual receives Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI)
2. The individual has a condition on the List of Compassionate Allowances Conditions maintained by the Social Security Administration.
3. The individual has a diagnosis from a physician that the individual has a medically determinable physical or mental impairment that results in marked and severe functional limitation(s), and which can be expected to result in death, or has lasted or can be expected to last for a continuous period of not less than 12 months.
The Internal Revenue Service categorizes eligible disabilities as follows:
Developmental Disorders: Autistic Spectrum Disorder, Asperger’s Disorder, Developmental delays and learning disabilities
Intellectual Disability: May be reported as mild, moderate, or severe intellectual disability
Psychiatric Disorders: Schizophrenia, Major depressive disorder, Post-Traumatic Stress Disorder (PTSD), Anorexia Nervosa, Attention Deficit/Hyperactivity Disorder (AD/HD), Bipolar Disorder
Nervous Disorders: Blindness, Deafness, Cerebral Palsy, Muscular Dystrophy, Spina Bifida, Juvenile-onset Huntington’s Disease, Multiple Sclerosis, Severe sensorineural hearing loss, Congenital cataracts
Congenital Anomalies: Chromosomal abnormalities, including Down Syndrome; Osteogenesis Imperfecta, Xeroderma Pigmentosum, Spinal muscular atrophy, Fragile X Syndrome, Edwards Syndrome
Respiratory Disorders: Cystic Fibrosis
Other: Includes Tetralogy of Fallot, Hypoplastic left heart syndrome, End-stage liver disease, Juvenile-onset rheumatoid arthritis, Sickle cell disease, Hemophilia, and any other disability not listed
5. What is considered a Qualified Disability Expense? What isn’t considered a Qualified Disability Expense?
The laws protecting ABLE accounts describes a Qualified Disability Expense as any expense that is a benefit to or fulfills a need of the eligible individual with a disability.
This includes expenses for the following: Health, Housing, Transportation, Education, Employment/Training/Support, Assistive Technology, Funeral and Burial, Legal Fee’s, Financial Management, Personal Care and Monitoring, and other expenses approved by the Treasury of Regulations.
This post is sponsored by ABLE United a Bloggin’ Mama’s campaign, all opinions are my own.