Wednesday
December 6, 2017


 

 

 

DiNapoli unveils NY ABLE program

DiNapoli

POUGHKEEPSIE – State Comptroller Thomas DiNapoli outlined the state’s New York Achieving a Better Life Experience (NY ABLE) program in Poughkeepsie on Tuesday.

Meeting with Dutchess County Executive Marcus Molinaro, DiNapoli urged area residents to sign up for the new savings plan designed to help individuals with disabilities maintain their health, independence and quality of life.

“This is a great way to provide another opportunity to have a secure financial future and many families, caregivers who care about someone with a disability; they are concerned they may not be around forever, they want to make sure their loved one has that financial security. If you open a New York ABLE account, it gives you another level of assurance,” DiNapoli said.

The program allows New Yorkers with disabilities to save money in their own names without risking their Supplemental Security Income, Medicaid and certain other means-based benefits. The program, also known as 529A accounts, can be opened with a minimum contribution of $25. Contributions can be made by eligible individuals, family members or friends, but are not tax deductable. The annual contribution is capped at $14,000 and the maximum account balance is $100,000. In January, the annual cap will increase to $15,000.

The program was modeled after the 529 College Savings Program.

“The NY ABLE program is another great example of how to ‘ThinkDIFFERENTLY’ for those with special needs and their families,” said Molinaro, who launched his own ThinkDIFFERENTLY campaign last year.

To be eligible for the state program, an individual must have a disability that was present before age 26 and be eligible for Supplemental Security Income or Social Security Disability Insurance, be blind, have a significant disability documented by a physician, or have a disability that is included on the Social Security Administration’s Compassionate Allowance Conditions List.

New York residency is required and only one account is permitted per person.

 


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