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Financial Stress and Caregiving: How IAble Can Help

November 2, 2020

DES MOINES, IA – State Treasurer Michael Fitzgerald is participating in National Family Caregivers Month, celebrated annually in November, by encouraging a caregiver of an individual with a qualifying disability to consider IAble as a savings tool for their loved one. According to an AARP study, an unpaid family caregiver can expect to spend nearly 20% of personal income on out-of-pocket costs related to helping their loved one. “Being a caregiver can present a variety of challenges, and finances shouldn’t be one of them,” said Fitzgerald. “With an IAble account for your loved one, they can save money for disability-related expenses while maintaining eligibility for Supplemental Security Income (SSI), Medicaid and other important benefits.”

IAble is Iowa’s dedicated Achieving a Better Life Experience (ABLE) program and is designed as a savings and investment account for eligible individuals with disabilities to use on qualified disability-related expenses.* IAble account assets are excluded in determining eligibility for federal needs-based benefits such as Housing and Urban Development (HUD), SSI and Medicaid. Plus, any Iowa taxpayer contributing to an IAble account, including caregivers, can deduct up to $3,439 in 2020 from their state income taxes.**

“With an IAble account, caregivers have the ability to team up with their loved one to ensure essential expenses are paid – such as food, personal support services, housing and transportation,” continued Fitzgerald. “The individual with a disability has a sense of empowerment as the account owner, and caregivers can have a sense of peace knowing their loved one’s benefits are protected.”

For more information about IAble, visit Keep up with all of the Treasurer’s programs on Facebook and Twitter by following @IowaTreasurer.


*Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as applicable state and local income taxes.

**The Federal Annual Contribution Limit is $15,000. If withdrawals are not qualified, the deductions must be added back to Iowa taxable income. Adjusted annually for inflation.

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