Director’s Column

Are you ABLE Eligible?

By Director Barbara Palmer

Florida is one of the first states in the country to offer a special savings program to people with disabilities. I attended the kickoff ceremony at the State Capitol on July 7 with Legislators and others who helped create the new savings account option.

An ABLE United account offers Floridians with disabilities a tax-free way to save while maintaining government benefits. To be eligible, a person must be a Florida resident at the time of application and have a qualifying disability with onset prior to age 26. Generally, funds in (or withdrawn from) an ABLE United account are disregarded when determining Supplemental Security Income (SSI) or Medicaid eligibility.

Some of the advantages are:

Save tax-free for future expenses.
Save while maintaining federal benefits.
Save on fees – ABLE United offers the best value for Florida residents.

Save for the future by using an ABLE United account to save tax-free for Qualified Disability Expenses. It takes about 15 minutes to open an account. The individual with a disability owns the account, but an authorized person may open and oversee the account. There is no minimum contribution. Save up to $14,000 per year – individually or with the help of family and friends. There are seven investment options. They are designed to meet the needs of most investors. Easily withdraw funds online by requesting an electronic transfer to a bank account or a paper check.

An *Account Fee ($2.50* monthly fee with eDelivery) is waived until July 1, 2017. Other fees include:

Additional $10.00 annual fee for paper (optional).
Investment Administration Fee: Up to 0.29% (annualized) of the Account Balance depending on the Investment Option.
Check Fee: Two free checks per month, $5.00 for each additional check. Free electronic withdrawals (ACH) to a bank account.

ABLE United was created to make a better life experience for individuals with disabilities. ABLE accounts allow individuals to live, work, and save like never before. I encourage you to get more information at ableunited.com.

Senate President Andy Gardiner speaks at the news conference.

Senate President Andy Gardiner and Jenn Sikora.

Director of ABLE United Kevin Johnson and Jenn Sikora.