ALEXANDRIA, Va.--(BUSINESS WIRE)--Individuals with disabilities have a new way to save, invest and pay for qualified disability expenses. ABLEnow is open for nationwide enrollment at able-now.com. The Virginia-sponsored ABLE savings program launches today on the two-year anniversary of the federal Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act being signed into law, authorizing states to establish ABLE savings programs for people with disabilities.
Virginia is among the first states in the country to offer an ABLE program, which provides people with disabilities and their families the opportunity to save money for today’s needs or invest for tomorrow. These simple, affordable and tax-advantaged accounts allow eligible individuals to save up to $14,000 a year without endangering eligibility for certain means-tested benefit programs such as Medicaid and Supplemental Security Income (SSI).
“ABLEnow allows individuals with disabilities to save like never before and, for many, we believe this will be a big step for independence and personal empowerment,” said Mary Morris, CEO of Virginia529, the state agency administering the new ABLEnow program. “We’ve worked closely with disability advocates on federal and state-level ABLE legislation and talked with many potential account owners and their families in developing our program. We’re thrilled to open ABLEnow for enrollment and are dedicated to further enhancements as we move into 2017, to ensure ABLEnow is one of the country’s leading ABLE options.”
The ABLEnow program offers some of the lowest fees in the country, an online portal to manage your account and the ABLEnow Card—a debit card providing a simple, fast way to pay for qualified disability expenses straight out of your ABLEnow account. Eligible individuals can start their ABLEnow account with no enrollment fee and no minimum contribution.
Advocates celebrated this significant milestone for people with disabilities at an event today in Northern Virginia. The ABLEnow launch event featured remarks from individuals who helped make ABLEnow a reality, the opportunity to ask questions and enroll in the program, food and celebratory activities.
To learn more and open an ABLEnow account, please visit able-now.com.
About Virginia529 College Savings Plan:
Virginia529 makes higher education more accessible and affordable for families and individuals. With more than $57 billion in assets under management and 2.4 million accounts as of August 31, 2016, Virginia529 is the largest 529 plan available. Four flexible, affordable, tax-advantaged programs–Virginia529 prePAIDSM (prePAIDSM), Virginia529 inVESTSM (inVESTSM), CollegeAmerica® and CollegeWealth®–and early commitment scholarship program SOAR Virginia® assist students of any age in reaching their higher education goals. For more information on Virginia529’s college savings options, visit Virginia529.com or call 1-888-567-0540 to obtain program materials.
In December 2016, Virginia529 expanded its mission and launched ABLEnowSM, the Virginia-sponsored ABLE savings program for eligible individuals living with disabilities. Call 1-844-NOW-ABLE or visit able-now.com to obtain information on the program. Seek the advice of a professional concerning any financial, tax, legal or federal or state benefit implications related to opening and maintaining an ABLEnow account. Participating in ABLEnow involves investment risk including the possible loss of principal. For non-Virginia residents: other states may sponsor an ABLE plan that offers state tax or other benefits not available through ABLEnow. © 2016 Virginia College Savings Plan. All Rights Reserved.