The Journal Gazette|
A new plan through the state of Indiana will help Hoosiers with disabilities save money without jeopardizing state and federal benefits, State Treasurer Kelly Mitchell announced today in Fort Wayne.
The INvestABLE Indiana savings plan, which allows people with disabilities to create tax-advantaged savings accounts to save for the future and pay for disability-related expenses, was made possible by the ABLE Act, which was approved by the Indiana General Assembly in 2014. The goal is to help lessen financial burdens and allow people with disabilities to save money to pay for living expenses including education, transportation, housing and medical needs.
“I am pleased to be able to offer such an important service to Hoosiers,” Mitchell said in a news release. “With INvestABLE Indiana, individuals with disabilities, their family members and others can contribute funds to a tax-exempt ABLE account without affecting the individual’s eligibility for state and federal benefits. This program allows individuals living with disabilities an opportunity to build assets.”
There are seven investment options, including a checking account with debit card. Participants can save up to $14,000 per year in an INvestABLE account, with a maximum account balance of $450,000. Those who receive Social Security benefits may save up to $100,000 in their account without risking their monthly payment.
To qualify, an applicant must have the onset of disability or blindness before age 26 and must be receiving Social Security benefits. Those who are not receiving Social Security benefits but still meet the age requirement may be eligible if they meet the Social Security Administration’s definition of significant functional impairment and provide a letter from a qualified physician.
For more on this story, see Thursday’s print edition of The Journal Gazette or return to www.JournalGazette.net after 1 a.m. Thursday.