Washington — Cincinnati Government Affairs Executive Chip Gerhardt, along with dozens of advocates, have been pushing for the ‘Achieving a Better Life Experience’ (ABLE) Act, which would allow individuals with disabilities to setup their own savings accounts without taxes on their earnings.
The bill, which was passed by the House on Wednesday, will help individuals with disabilities save up, in the same way students are able to save under the 529 college savings accounts.
With the ABLE Act, individuals with disabilities will be able to setup a ‘financial cushion’, without losing their eligibility to avail of the benefits from Social Security and Medicaid.
National Down Syndrome Society Interim President Sara Weir said the ABLE Act will have an immense effect on the future of individuals with disabilities. She told:
“For the first time in the history of the disability movement, (people with disabilities) will be able to work and save money for the future.”
Many parents of children with disabilities like Gerhardt are pushing for the bill as it gives them a way to help secure their children’s future.
Gerhardt said his daughter also helped convince lawmakers to act on the ABLE Act. According to House Speaker John Boehner,
“She made a great case for the fact that she’d likely be around longer than her parents and had no effective way of taking care of herself.”
House OKs bill to allow special savings accounts for disabled
Autism Daily Newscast
ABLE Act Will Allow Families to Prepare for the Future