New York ABLE program open for enrollment
May 30, 2018
The New York ABLE program is open for enrollment.
It stands for New York Achieving a Better Life Experience. It was created for people with disabilities and their families as a way to contribute up to $12,060 a year in an account without it jeopardizing their eligibility for federal funds such as Medicaid. The savings are tax free.
Assem. Angelo Santabarbara, who is an advocate for people with Autism, explained it works like New York's 529 college savings program where you can use the money, or let it grow over time like an investment.
“To be able to have a debit card to be able to buy things for themselves, we turn that independence for kids like my son who is now turning 17,” Santabarbara said. “These are things that as parents we worry about with how much independence those with disabilities can have.”
The program is administered by the Office of the Comptroller and to qualify, an individual must have a disability present before the age of 26.