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 th.