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Montana ABLE Launch

by Family Outreach, Inc. | Aug 1, 2017 | Montana ABLE | 0 comments

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Montana ABLE Brochure

Montana ABLE Launches!

A letter from the Montana ABLE Advisory Committee:

The Montana ABLE Advisory Committee has some great news, ABLE accounts are available for Montanans with disabilities at mt.savewithable.com.  You can also call the toll-free information line at:  1-888-609-3461.

Two years ago, lawmakers in Montana passed groundbreaking legislation to open new doors for people with disabilities and their families. This August, this new law has been fully implemented and made available to help change the lives of thousands of Montanans.

Senate Bill 399 allows eligible individuals with disabilities to establish “ABLE accounts’’ that resemble the tuition programs that have long existed under the tax code.  The new ABLE accounts will allow more autonomy and control over personal saving decisions and spending on qualified disability expenses, while protecting eligibility for Medicaid, Supplemental Security Income, and other important benefits for people with disabilities.

Why does a qualified individual need an ABLE Account? Without these accounts, many people with disabilities have very limited avenues to save money and allow for further independence. The law recognizes the obvious — people with disabilities face added costs and burdens that aren’t covered by government programs, and the state should not stand in the way of these individuals saving their own money to be used for disability-related expenses.

While there are annual contribution limits and caps on account balances, any person, such as a family member, friend or the person with a disability, may contribute to an ABLE account for an eligible beneficiary. One added benefit to Montana’s program is that our state law provides an income tax deduction of up to $3,000 per year for certain contributors.

In the past, folks with disabilities were essentially penalized for saving money and being financially responsible. Giving people with disabilities the power to save their own money or use contributions from others can help them improve their living conditions with an eye toward accessibility, find appropriate transportation options so they can hold a job, or use for additional education or training to help them become more independent.

There are specific requirements set by federal law to be eligible to open an ABLE account. The first option is if you are a person who is entitled to benefits on the basis of disability or blindness under the Supplemental Security Income (SSI) program or under the Social Security disability program. The second option is for someone that meets the criteria to certify disability.  In both cases, an eligible individual’s disability must have occurred before the age 26.

The implementation of SB 399 was no easy venture since no appropriation came to get it off the ground. Efforts to find the appropriate vendor for ABLE accounts were difficult. However, the State ultimately contracted with the same vendor, Ascensus, which offers Montana’s tuition savings program. Accounts are easy to open and manage online, offer a variety of investing and saving options, and a dedicated call center is available for assistance.

Now fully implemented, these accounts can improve the lives of Montanans across the state. If you think you or someone you know may qualify, please visit mt.savewithable.com to get more information.

Sincerely,

Montana ABLE Advisory Committee
Contact Information:  Novelene Martin, nomartin@mt.gov

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