Monday, March 2, 2009
Bill Would Expand Savings Options for Disability Expenses
529 plans have become a popular way for parents to save money for college, because their interest is exempt from federal taxes. Now relief may be on the way for middle-class parents working hard to save money for a family member who has a disability. The ABLE Accounts Act of 2009 (Achieving a Better Life Experience Act) would encourage people with disabilities and their families to put aside money in "disability savings accounts" to save for their future. These benefits would not replace Medicaid or private insurance, but would supplement them.
Autism Speaks has endorsed the legislation. Read more.