In February, the State of Alabama launched Achieving a Better Life Experience (ABLE) accounts, a new financial savings tool for individuals with disabilities.
The Enable Savings Plan is a financial program that allows individuals with disabilities to open tax-exempt savings accounts to save for disability-related expenses without impacting resource-based benefits. The program permits individuals with disabilities to save more than a total of $2,000 in assets (cash, savings, etc.) in their name in an Enable account without jeopardizing their public benefits like Medicaid and Supplemental Security Income (SSI).
In March, Moulton-Republican State Rep. Ken Johnson and Montgomery-Republican State Sen. Dick Brewbaker, introduced legislation to assist those eligible for an account by granting their guardians full financial capabilities when opening and managing an ABLE account.
The bill ultimately passed both chambers and moved to Gov. Kay Ivey‘s desk for a signature. On Thursday, the State celebrated the new guardianship assistance law with a ceremonial bill signing at the state capitol in Montgomery, Ala.
“Alabama’s recent guardianship decision will serve to benefit many individuals and their families throughout the state, providing greater access to an important resource, the Enable Program. Giving guardians this power simplifies matters for individuals with disabilities by allowing guardians to open, invest in, and manage an Enable account,” said Alabama Treasurer Young Boozer, who attended the ceremonial bill signing.