Florida's ABLE program reaches a major milestone, empowering individuals with disabilities and their families to save for future expenses, while maintaining access to critical benefits TALLAHASSEE, Fla. , Aug. 19, 2024 /PRNewswire/ -- August 14 marks a monumental achievement for Florida's disability community as ABLE United, the state's qualified ABLE program, celebrates surpassing $100 million in savings on the inaugural national ABLE Savings Day.
The Stephen Beck, Jr., Achieving a Better Life Experience (ABLE) Act, which passed federally in 2014, empowers individuals with disabilities and their families to save for future expenses while maintaining eligibility for public benefits, like Supplemental Security Income and Medicaid. In July 2015 , the State of Florida created ABLE United , a registered not-for-profit and direct support organization of the Florida Prepaid College Board.
ABLE United accounts allow Floridians with a disability to save up to $18,000 per year, and family and friends can contribute to maximize savings. Funds saved in an ABLE account can be used for various expenses, such as assistive technology, education, housing, transportation, health care and more. Enrollment is free, there are no monthly fees, and savings grow tax-free if withdrawals are made for Qualified Disability Expenses .
"This $100 million milestone is a testament to the power of ABLE accounts in Florida and the profound impact they have on the lives of individuals with disabilities and their families," said John Finch , Director of ABLE United. "ABLE accounts have helped foster independence, confidence, and an improved quality of life for our account holders." Florida is joining the 43 other states with ABLE programs in celebrating national ABLE Savings Day, which was created to raise awareness of this innovative savings opportunity.
According to the National Association of State Treasurers, more than 170,000 Americans with disabilities have collectively saved $1.9 billion in an ABLE account. "We want all Floridians with disabilities to be aware that they can achieve greater financial independence and plan for a brighter future without jeopardizing essential benefits.
That journey begins the minute they open an ABLE United account," Finch said. At ABLEUnited.com , Floridians can explore: the inspiring " Faces of ABLE " campaign, which showcases the journeys of account holders a Savings Calculator that allows individuals to see how they can meet financial goals eligibility information and a link to open an account.
Over 10,000 Floridians and their families are now able to secure their future with ABLE United. It's more than saving. It's investing for a better life.
ABOUT ABLE UNITED In July 2015 , the State of Florida created Florida ABLE, Inc. (d/b/a ABLE United) a registered not-for-profit and direct support organization of the Florida Prepaid College Board to administer the ABLE United Program. Our mission is to encourage and assist the saving of private funds to help persons with disabilities cover costs that support their health, independence and quality of life.
The Florida Prepaid College Board, established in 1987, oversees more than $15 billion in investments for the Stanley G. Tate Florida Prepaid College Program and the Florida 529 Savings Program under Section 529 of the Internal Revenue Code. For more information about Florida's qualified ABLE program, please visit: ableunited.
com SOURCE ABLE United.
