Lawmakers Seek Approval Of The ABLE Act For Disability Recipients
August 2nd, 2013|
August 1, 2013
Social Security Disability and other similar benefits provide financial resources to those who are unable to work due to a mental or physical impairments. The long-term goal of the program though is to get these individuals back into the workforce; however, certain constraints that are placed on recipients regarding the income they can bring in while still collecting benefits leaves many unable to work.
In an effort to address this problem, legislators have introduced the Achieving A Better Life Experience (ABLE) Act earlier this year. According to an article published by The Huffington Post, the law would allow a disabled individual to establish an up to $100,000 tax-advantage savings account to be used for disability-related expenses not covered by other benefits.
Some of the expenses the money could be used to cover include housing and transportation needs, education costs, preventative health measures, and personal support. Current law only allows disability recipients to have less than $2,000 in savings at any given time.
Experts say that the ABLE Act will save the government money by allowing the disabled to be productive members of a community.
The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin want to help if you’re disabled and have questions about your benefits.