Treasury encourages opening MiABLE accounts for people with disabilities and their families during Autism Awareness Month

In celebration of April as National Autism Awareness Month, the Michigan Department of Treasury is encouraging people with disabilities and their families to consider opening a MiABLE savings account to achieve greater financial independence.

“Opening a MiABLE account is a great way to help people with disabilities and their families reach financial independence any time of year, but Autism Awareness Month is an ideal occasion to promote awareness of this important program and help Michiganders learn more about all the programs available to them,” said R. Scott de Varona, MiABLE program director.

MiABLE, a disability savings program administered by the Michigan Department of Treasury, stands for Michigan Achieving a Better Life Experience (MiABLE). It was designed to help relieve the uphill financial burden challenging families and people with disabilities. MiABLE accounts help people with disabilities save for current and future expenses without jeopardizing government assistance like Medicaid and Supplemental Security Income. MiABLE is not limited to those with autism.

In Michigan and nationwide, a $2,000 federal asset limit is imposed on people with disabilities who receive government benefits. Compared with their peers, people with disabilities are twice as likely to live in poverty, less likely to be employed and more likely to be underemployed.

MiABLE changes all that by allowing individuals who became disabled before age 26 and their families to save up to $17,000 annually in various investment options, de Varona said.

A MiABLE account lets you make your own decisions about how to spend your money on your qualified disability expenses (QDE), without getting permission from a special trust. QDE’s are expenses to maintain or improve your health, independence, or quality of life. Examples include housing, education, transportation and more. For additional information, visit https://savewithable.com/mi/home/plan-benefits.html.

MiABLE also allows family members, guardians, powers of attorney and others to open and manage an account on behalf of a person with a disability. Earnings on MiABLE savings grow tax-free, and no federal or state tax is owed on withdrawals used to pay for qualified disability expenses.

In addition, Michigan state income taxpayers can claim up to a $5,000 deduction for single filers and $10,000 for joint filers for MiABLE contributions.

Grandparents, aunts, uncles, teachers, friends, and others can all contribute to a person’s MiABLE account. And there’s an easy way to do it called Ugift — a free service that lets friends and family contribute directly into a loved one’s MiABLE plan. All gift contributions go directly into the account owner’s MiABLE plan account. For additional information, visit Ugift at www.ugiftable.com.

For additional information or to open a MiABLE account online, go to www.MiABLE.org.

National Autism Awareness Month raises awareness for autism and Asperger’s syndrome during April. Autism is a complex brain disorder that often inhibits a person’s ability to communicate, respond to surroundings and form relationships with others.