We are thrilled to report that a few moments ago the United States Senate passed the ABLE Act which will now head to the President’s desk to become law!
After 8 years of hard work, families are one step closer to being able to save more effectively for their children’s futures. Adult children with disabilities will be able to save for their own futures while maintaining services like Social Security and Medicaid.
United States Congress
Casey-Burr ABLE Act Passes Senate, Heads to the President’s Desk to Become Law
Casey and Burr-Led Effort Passes Easily with 78 Senate Cosponsors – Bill Previously Passed the House with 404-17 Margin
ABLE Has Been Called “…the broadest legislation to help the disabled in nearly a quarter-century.”
Washington, DC– Today, U.S. Senators Bob Casey (D-PA) and Richard Burr (R-NC) announced that the Senate has passed his Achieving a Better Life Experience (ABLE) Act. The bill will allow families who have a child with a disability to save for their long-term care through 529-style savings accounts. The ABLE Act passed the House last week with a final vote of 404-17. This legislation has been called “…the broadest legislation to help the disabled in nearly a quarter-century.”
“I could not be more proud of the support the ABLE Act has received from members of both parties in the House and Senate, and from all of the families who worked with us to achieve this historic goal,” said Senator Casey. “From the beginning, the power of these families who want to save for their loved ones’ long term care has propelled the ABLE Act forward. We believe that individuals across this country with disabilities have a lot of ability. I look forward to President Obama quickly signing this bill into law so that countless families and individuals can have the tools they need to live a full life and have a bright future.” Read More
According to an analysis by the Congressional Budget Office, eligible expenses could include:
- employment training and support
- assistive technology and personal support services
- health, prevention, and wellness
- financial management and administrative services
- legal fees
- expenses for oversight and monitoring
- funeral and burial expenses
- other expenses to be determined by IRS
PS. Learn more about what this bill means for your family here.