Iowa Ag Connection - Fitzgerald Encourages Individuals with Disabilities to Use ABLE Plan

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Fitzgerald Encourages Individuals with Disabilities to Use ABLE Plan
Iowa Ag Connection - 09/23/2022

State Treasurer Michael Fitzgerald is encouraging individuals with disabilities and their support systems to turn over a new leaf with IAble.

"Change is all around us as autumn quickly approaches. If you are an individual living with a disability, change can also be reflected in your finances," said Fitzgerald, who administers the Plan. "When you save with IAble, you do not need to spend down to maintain your healthcare, housing, food and other necessary supports."

IAble is Iowa's Achieving a Better Life Experience (ABLE) plan, which allows eligible individuals to save for the additional expenses of living with a disability. Assets in an IAble account are protected from asset caps placed on federal means-tested benefits, such as Supplemental Security Income (SSI), Medicaid, Supplemental Nutrition Assistance Programs (SNAP) and more. Funds can be used to pay for any expense that helps the account owner improve or maintain their quality of life or independence. Examples include rent, groceries, assistive technology, education and many other short- and long-term expenses.

"Access to financial independence should be given to everyone, regardless of a disability," said Fitzgerald. "At its core, my goal for IAble is to give everyone a chance to pursue their best life experience. Tell someone you know about IAble -- you could be the missing link!" To see if you or someone you know is eligible for an account, take the IAble Eligibility Quiz at IAble.gov/eligibility/eligibility-quiz.

IAble also offers tax advantages. Assets grow deferred from federal and state income taxes and if an account owner is an Iowa taxpayer, all withdrawals are free from state income taxes. Additionally, any Iowa taxpayer contributing to an IAble account can deduct up to $3,522 in contributions from their 2022 state income taxes.

Visit IAble.gov to learn more and read the Plan Disclosure Documents for details about the Plan. Connect with the Treasurer on Facebook, Instagram and Twitter for facts and updates about all of his consumer programs.

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