Treasurer Fitzgerald Celebrates Five Years of IAble
Des Moines, Iowa – State Treasurer Michael L. Fitzgerald is celebrating five years since the launch of IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan. “I am proud to administer an empowering plan like IAble that helps persons with disabilities gain financial independence without compromising their eligibility for public benefits,” said Fitzgerald. “In five years, the plan has helped many individuals around the state maintain or improve their quality of life.”
Prior to ABLE plans, the disability community had an asset cap of $2,000 in order to receive monthly benefits from programs such as Supplemental Security Income (SSI) and Medicaid. Now with IAble, which launched in 2017, account owners and their families can contribute up to $16,000 a year and continue to qualify for federal assistance.* Funds can be used to cover qualified disability expenses including assistive technology, basic living expenses, support services and more.**
“Since its launch, the plan has grown to over 1,400 accounts and amassed $12.8 million in assets, which shows how vital this program is for the disability community,” continued Fitzgerald. “I am excited to see the plan continue to reach more individuals with disabilities and help them achieve their version of a better life experience.”
*The Federal Annual Contribution Limit is $16,000. However, IAble account owners who earn income may contribute additional funds beyond the annual contribution limit.
**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.