Social Security Disability Eligibility and the ABLE Act—The Connection

With a vote of 404-17 on December 3, 2014, an overwhelming response since the legislation of the 1990 Americans with Disabilities Act, the House approved the legislation called the Achieving a Better Life Experience (ABLE) Act, which will benefit as many as 54 million disabled people and their families, especially those struggling to pay for intensive forms of care. The ABLE Act, introduced in 2006, lists 85 percent of Congress as co-sponsors and, on December 16, 2014 was voted by the U.S. Senate to become part of the Tax Extenders package. Finally, on December 19, the President of the United States signed the Tax Extenders package, thereby enforcing the ABLE Act. Under the ABLE Act, families would be able to set up tax-free bank accounts at financial institutions and deposit up to $14,000 annually to pay for long-term needs such as education and health care. These accounts could accrue by as much as $100,000 in savings.
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