Indiana launches money-saving program for people with disabilities

 

SOUTH BEND, Ind. - Indiana has launched a new program to help people with disabilities save money without jeopardizing their state and federal benefits.

Indiana State Treasurer Kelly Mitchell was in South Bend to announce the start of the statewide ABLE program Tuesday.

The program will allow people with disabilities to apply for a tax-advantaged savings account to help them save for future disability-related expenses, while still keeping their public benefits.

The savings can be used for expenses including, but not limited to, education, transportation, housing, and medical needs.

There are some restrictions to the program: an individual must have been diagnosed with a disability before the age of 26; an individual can not contribute more than $14,000 per year to the account; the account can only hold $450,000 at one time, or $100,000 for people receiving Social Security benefits.

To learn more about these new savings accounts, visit in.savewithable.com .