FOR IMMEDIATE RELEASE |
Contact: Clint Blaes |
As ADA marks 33 years, ABLE
accounts offer financial independence for Americans living with a disability
By Steven Johnson, Kansas State
Treasurer
July 26 marks the 33rd anniversary
of the signing of the Americans with Disabilities Act by President George H.W.
Bush, a day recognized as National Disability Independence Day. This landmark
piece of legislation requires that people with disabilities be treated with
equal dignity and prohibited discrimination against individuals with
disabilities in schools, the workplace, transportation and all other public
accommodations.
Appropriately, just a few days ago,
we celebrated what would have been Bob Dole’s 100th birthday.
Senator Dole lived for more than 76 years with the injuries he sustained while
serving in Italy during World War II. His ability to empathize with others
living with disabilities led him to help pass the ADA while serving as the
Republican Leader in the U.S. Senate. He often listed passage of the ADA among
his proudest accomplishments during his 27 years representing Kansas in the
U.S. Senate.
While the ADA was groundbreaking
for its progress toward disability independence, the Achieving a Better Life
Experience (ABLE) Act, passed a little less than a decade ago, built on the ADA
by opening up the opportunity for financial independence for Americans living
with a disability. Under the ABLE Act, the Kansas State Treasurer’s Office
offers people with disabilities ABLE accounts that they can use to save and
invest their own funds. Money in an ABLE account is generally not counted as
assets when determining eligibility for benefits such as Supplemental Security
Income (SSI) and Medicaid.
Before the ABLE Act passed in 2014,
people receiving SSI, Medicaid and many other federal benefits could only save
up to $2,000 to remain qualified; this limit made reaching independence
virtually impossible. The establishment of ABLE accounts provides a way around
this limit. By using an ABLE account, people with disabilities can save up to
$100,000 without losing their benefits. Like the ADA, the ABLE Act helps break
down barriers restricting Americans living with disabilities.
Any interest earned on ABLE accounts
is tax-deferred and withdrawals are tax-free if used for qualified disability
expenses. Qualified expenses encompass a wide range of categories, including
education, housing, transportation, health and wellness, basic living expenses,
and many others.
To be eligible to open an ABLE
account, the person’s disability must have onset before the age of 26. However,
thanks to the recent passage of the ABLE Age Adjustment Act, that will increase
to age 46 beginning January 1, 2026, making even more people eligible to save
through an ABLE account.
Learn more about ABLE accounts or
get started saving today at https://KS.SaveWithABLE.com.
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Steven Johnson, of Assaria, was sworn in as the 42nd Kansas State Treasurer on
January 9, 2023.
A photo of Treasurer
Johnson is available at https://kansascash.ks.gov/press_photo.html.