State will provide $50 match on new MiABLE accounts opened with $50 or more Aug. 1-31
LANSING, Mich. – Gov. Gretchen Whitmer has proclaimed August as “ABLE To Save Month” to raise awareness of the Michigan Achieving a Better Life Experience (MiABLE) savings program.
“Michigan was one of the first states to launch an ABLE plan to help people with disabilities achieve greater financial independence,” Whitmer said. “Able To Save Month is an opportunity to promote awareness of this great program and help Michiganders learn about all of the options available to them.”
MiABLE, administered by the Michigan Department of Treasury, will offer a $50 match on new accounts opened with $50 or more throughout August. Purchasers can open a MiABLE account online at MiABLE.org. Only one account per beneficiary qualifies for the match.
Unlike traditional savings accounts, MiABLE savings are not considered when applying for federal or state benefits, like Social Security Disability Income, Medicaid and the Supplemental Nutritional Assistance Program. MiABLE accounts also allow for savings of up to $100,000 without losing financial disability benefits.
Individuals are eligible to open and fund a MiABLE account if they become disabled or blind before age 26 and are entitled to collect Social Security Disability Insurance or Supplemental Security Income – though they do not need to be receiving either of these benefits to qualify for a MiABLE account. MiABLE also allows family members, guardians, powers of attorney and others to open and manage an account on behalf of a person with a disability.
Funds from a MiABLE account are not taxed if used for qualified disability expenses like education, housing, transportation, medical costs, employment training, assistive technology and personal support services, legal fee expenses for oversight and monitoring and end-of-life expenses. Michigan state income taxpayers can claim up to a $5,000 deduction for single filers and $10,000 for joint filers for MiABLE contributions.
“Michigan is leading the way to ensure individuals with disabilities have access to the most comprehensive savings program with lifelong benefits,” said MiABLE Program Director R. Scott de Varona.
“Efforts like Able To Save Month help us to reach more people and encourage them to start investing in their future,” Varona added.
In Sept. 2021, Michigan joined the National ABLE Alliance, a 18-member bipartisan state consortium that works to create the most cost-effective and user-friendly ABLE programs for people with disabilities.
Along with Michigan, the National ABLE Alliance consists of Alaska, Arkansas, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Minnesota, Montana, Mississippi, Nevada, New Jersey, North Carolina, Pennsylvania, Rhode Island and the District of Columbia.
The federal Stephen J. Beck Jr. Achieving a Better Life Experience Act of 2014 authorized tax-advantaged investment accounts similar to college savings programs. Prior to ABLE, individuals risked losing government disability benefits if their assets exceeded $2,000.
MiABLE has more than $35 million in assets and nearly 4,100 accounts with an average balance of more than $9,000.
More information about MiABLE is available at MiABLE.org or 844-656-7225.