Down Syndrome Daily reports today on the ABLE
Act. People with disabilities receiving Medicaid benefits are limited to
$2,000 in assets. In many cases this prevents them from improving their quality
of life were they cannot get a job with a decent salary, cannot save to buy a
car or a home, cannot save to pay for medical services beyond what is
covered by Medicaid, cannot save money from birthdays/holidays, and
cannot save to pay for their future aspirations. They are basically forced to
live at poverty levels because of their need for Medicaid support.
If passed by Congress, the Achieving a Better Life
Experience Act will provide a savings account (ABLE account) similar to a
retirement account, health savings account, or education savings account where
the money in the account will not count against the $2,000 Medicaid asset
limitation. The person will be able to save money for their future and continue
to receive their Medicaid support allowing for greater independence and quality
of life.
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