Aug. 8, 2019
LANSING, Mich. – State Treasurer Rachael Eubanks today announced that the Michigan Achieving a Better Life Experience program saw its savings nearly triple from $3 million to more than $10.6 million since November 2017.
Known as MiABLE for short, the 529(A) savings account program is administered by the Michigan Department of Treasury and offers investment and tax incentives for anyone who wishes to save for individuals with disabilities. In the last year, the amount of MiABLE accounts opened has doubled from more than 1,400 to more than 2,900 with additional accounts opening every day.
To raise awareness about the program and encourage additional savings, this month has been proclaimed as #AbleToSave Month in Michigan.
“MiABLE enables families the freedom to plan for the future without jeopardizing disability benefits,” Eubanks said. “This program provides long-term savings and financial planning for those who need it the most. With the added tax benefits, account holders are provided some relief on their income taxes.”
Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or state benefits, like Social Security Disability Income, Medicaid and Supplemental Nutritional Assistance Program. MiABLE accounts also allow for savings up to $100,000 without losing other financial disability benefits.
Funds from a MiABLE account are not taxed if used for qualified disability expenses, which include: education, housing, transportation, medical costs, employment training, assistive technology and personal support services, legal fee expenses for oversight and monitoring and end of life expenses.
According to the U.S. Census, more than 992,000 people under 65 years old – around 10 percent of Michigan’s population – have a disability.
For more details or to register an account, visit www.miable.org or call 844-656-7225.
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