WEST CHESTER — Pennsylvanians with disabilities and their families will soon be able to save on disability-related costs in tax-free ways, thanks to new legislation passed at the federal level, said Rep. Chrissy Houlahan and State Senate Carolyn Committee. MP said. .
The ABLE Age Adjustment Act expands eligibility for the ABLE program by raising the disability onset age limit from 26 to 46 starting in 2025. The change, led by U.S. Senator Bob Casey and endorsed by Hoolahan, puts the program in the hands of an estimated 1 million veterans, including an additional 6 million Americans.
The Pennsylvania ABLE program allows eligible individuals with an eligible disability and their family members and friends to save tax-free for disability-related expenses through a savings account while maintaining government benefits.
“On behalf of all Americans living with disabilities, I am proud to have spoken out and voted in support of the Able Age Adjustment Act. “It allows us to plan for our expenses, which not only increases our financial independence, but allows us to become self-reliant sooner,” says Houlahan. “Personally, I am proud to be able to celebrate this victory with my disabled nephew. so that it can be fed.”
“The Pennsylvania ABLE program continues to be a success story in empowering individuals with disabilities and their families to save for future expenses without jeopardizing the help and support they rely on,” said Comitta. says. “Expanding opportunities to help more Pennsylvanians, including more veterans, makes sense and is the right thing to do. I would like to thank all the people who
Pennsylvania’s ABLE program can save up to $16,000 annually (starting January 1, 2023, this cap will increase to $17,000), totaling up to $100,000 without impacting government benefits. Funding is easy to access and can be used for a wide range of disability-related expenses.
Pennsylvania ABLE account holders can choose from six different investment options and interest-bearing checking accounts. ABLE account donations and earnings can be used to save and pay for short-term or long-term disability-related expenses. Covered costs include education, housing, transportation, assistive technology, medical care, financial management, and more.
About 6,300 Pennsylvanians have opened an ABLE account since its inception five years ago, saving more than $72 million in disability costs, according to the Pennsylvania Department of Treasury. His ABLE program in Pennsylvania is also one of the largest and fastest growing programs in the country, accounting for approximately 25% of the total assets of the 18-member National ABLE Alliance.
Eligible individuals can start saving by registering for an account at paable.gov.