IAble Breaks Down Barriers in the Enrollment Process
Des Moines, Iowa – IAble announces the Plan is breaking down barriers for individuals opening an account on behalf of someone with a disability. When IAble originally launched in 2017, the law required copies of documentation from the person opening an account on behalf of a person with a disability who was not able to manage the account on their own. With changes in federal regulations, the State Treasurer’s Office worked with the legislature to allow IAble to implement a certification process, eliminating the need for paperwork in most situations. This makes the enrollment process easier and opens the doors for many who are looking to achieve their version of a better life experience.
IAble is Iowa’s Achieving a Better Life Experience (ABLE) plan and allows individuals with disabilities to save up to $16,000 a year while maintaining eligibility for Supplemental Security Income (SSI), Medicaid and other federal assistance programs.* When saving with an ABLE account, individuals with disabilities are protected from the penalty of losing their federal benefits for having over $2,000. IAble has seen a 56% increase in accounts opened and 72% increase in assets since 2020.
Account owners can use the money in their IAble account to pay for qualified disability-related expenses such as assistive technology, support services, groceries, rent and more.** There are also great tax incentives, such as the $3,522 state income tax deduction for any Iowa taxpayer contributing to an IAble account – including the account owner, family members and friends.***
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*The Federal Annual Contribution Limit is $16,000. However, IAble Account Owners who earn income may contribute additional funds beyond the annual contribution limit.