Lt. Gov. Brian Calley on Wednesday announced that the Michigan Achieving a Better Life Experience program saw its savings nearly triple from $2 million to more than $5.7 million since August 2017.
Known as MiABLE for short, the 529(A) savings account program is administered by the Michigan Department of Treasury and offers investment and tax incentives for families and others who wish to save for individuals with disabilities. In the past year, the amount of MiABLE accounts opened has doubled from more than 700 to more than 1,400, with additional accounts opening every day.
To raise awareness about the program and encourage additional savings, Gov. Rick Snyder proclaimed August as #AbleToSave Month in Michigan.
"As the numbers show, word is quickly spreading about the real value MiABLE accounts provide," Calley said. "This program enables families the freedom to plan for the future without jeopardizing disability benefits. I encourage others to sign up this month and beyond."
Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or state benefits, like Social Security Disability Income, Medicaid and Supplemental Nutritional Assistance Program. MiABLE accounts also allow for savings up to $100,000 without losing other financial disability benefits.
"The MiABLE program provides long-term savings and financial stability for those who need it the most," State Treasurer Nick Khouri said. "With the added tax benefits, account holders are provided some relief on their state income taxes."
Funds from a MiABLE account are not taxed if used for qualified disability expenses, which include: education, housing, transportation, employment training and support, assistive technology and personal support services, legal fee expenses for oversight and monitoring and end of life expenses.
According to the U.S. Census, more than 996,000 people under 65 years old around 10 percent of Michigan's population have a disability.
To register an account, visit www.miable.org or call 844-656-7225.
Published: Fri, Aug 03, 2018
