Category: ABLE Accounts
NATIONAL ABLE RESOURCE CENTER: Social Security Administration Releases Updated Guidance on ABLE
By SD Network, 2018-03-20
Recently, the Social Security Administration (SSA) published an updated version of its Program Operations Manual System (POMS) regarding the ABLE Act and ABLE accounts. POMS is based upon the law and is an operational policy reference used by SSA internal staff to conduct SSA business.
Are you trying to keep track of all the potential Medicaid waivers that are pending or approved? The Kaiser Family Foundation has released a new interactive Medicaid Waiver Tracker.
A major tax law that took effect in January is bringing changes to savings accounts for people with disabilities and causing concern about funding for programs. Under the new law, people with disabilities will be able to roll over their funds from a traditional 529 college savings plan to their ABLE account. This change will help families who setup regular college savings plans before learning that their child had a disability. In addition, the new law allows people with disabilities to save their earnings exceeding the federal poverty level. However, advocates warn that the change comes with risks due to the way the law was written. Account holders are responsible for monitoring their contributions to ensure that they're in compliance. Mistakes could be costly-- potentially disqualifying people from government benefits.
According to a recent report, thousands of people with disabilities have opened ABLE accounts, but experts point out that millions more could benefit from them. ABLE accounts, which made their debut just over a year ago, allow people with disabilities to save a large amount of money without risking eligibility for Social Security and other government benefits. As more states launch ABLE programs, the number of accounts continue to increase, but its been slower than anticipated. There have been a few road bumps which have prevented people from getting one.
NATIONAL ABLE RESOURCE CENTER: Annual Contributions to ABLE Accounts Increased to $15,000 in 2018
By SD Network, 2017-11-08
ABLE accounts are accounts that allow people with disabilities to have a savings account without jeopardizing their benefits. Accounts can be used for disability-related expenses that will increase and/or maintain a person's health, independence, or quality of life. It was recently announced that the total annual contribution limit to an ABLE account will be increased from $14,000 per tax year to $15,000 per tax year beginning in 2018.
NATIONAL ABLE RESOURCE CENTER: Center for Medicare and Medicaid Services (CMS) Releases Guidance on ABLE Accounts
By SD Network, 2017-09-07
the Center for Medicare and Medicaid Services (CMS) released guidance to State Medicaid Directors regarding the “Implications of the ABLE Act for State Medicaid Programs.” The ABLE National Resource Center (ANRC) is pleased to see that the vast majority of the guidance acts to reinforce the language, spirit and congressional intent of the ABLE Act to ensure that ABLE accounts should “supplement, but not supplant” public benefits being provided to the ABLE account owner, including supports and services provided by the Medicaid program.
The contents of the letter are divided into the following topics:
- Treatment of Funds in an ABLE Account
-
Contributions to ABLE Accounts
- Contributions by Third Party
- Contributions by the ABLE Account Beneficiary
- Contribution by Third Party who Apply for Medicaid
-
Distributions from ABLE Accounts
- Treatment of Distributions Exceeding QDEs for Non-MAGI Determinations
- Treatment of Distributions Exceeding QDEs for MAGI Determinations
- Post-Eligibility Treatment of Income
- Transfer of ABLE Funds to State Estate Recovery.
Over the next few days, the ANRC, in collaboration with our partners in both the disability community and 529A community, will be working to analyze the guidance from CMS and develop a comprehensive summary. Additionally, the ANRC plans to host a dedicated national webinar aimed at helping all ABLE related stakeholders better understand how ABLE accounts may interact with Medicaid eligibility and supports and services given this new directive.
For initial highlights, and to read the CMS letter, visit the ANRC website.
Louisiana recently launched its program for ABLE accounts (accounts that allow people with disabilities to have a savings account without jeopardizing their benefits). In Louisiana, the program is known as "LA ABLE." Accounts can be used for disability-related expenses that will increase and/or maintain a person's health, independence, or quality of life. LA ABLE is available to people with disabilities nationwide.
Georgia recently launched its program for ABLE accounts (accounts that allow people with disabilities to have a savings account without jeopardizing their benefits). In Georgia, the program is known as "Georgia STABLE." Accounts can be used for disability-related expenses that will increase and/or maintain a person's health, independence, or quality of life. Georgia STABLE is available to people with disabilities nationwide.
Massachusetts recently launched its program for ABLE accounts (accounts that allow people with disabilities to have a savings account without jeopardizing their benefits). In Massachusetts, the program is known as "The Attainable Savings Plan." Accounts can be used for disability-related expenses that will increase and/or maintain a person's health, independence, or quality of life. The Attainable Savings Plan will be available to people with disabilities nationwide.
Missouri recently launched its program for ABLE accounts (accounts that allow people with disabilities to have a savings account without jeopardizing their benefits). In Missouri, the program is known as "MO ABLE." Accounts can be used for disability-related expenses that will increase and/or maintain a person's health, independence, or quality of life. This program is only available to Missouri residents.