Posts Tagged ‘ABLE Act’

News has just came out about how the Feds are stepping into clarify news for special need trusts. The special needs trust will have new level of flexibility and federal officials are ensuring that state Medicaid directors understand the impactications. 

Under the new law that was passed last year, individuals with disabilities can for the first time establish trusts and be able to save money. 

The law that was put into play was made to make saving money easier for those who have disabilities can create a trust for themselves. Previously, the trusts had to be created by third party. 

Federal Medicaid official are offering guidance on what the changes mean for state programs. 

Brian Neale wrote in a letter “A trust established on or after December 13, 2016, by an individual with a disability under age 65 for his or her own benefit can qualify as a special needs trust, conferring the same benefits as a special needs trust set up by a parent, grandparent, legal guardian or court.”

Brian Neale is the director of the Center for Medicaid and CHIP Services. He penned the letter this month. Neale also stated in the letter that the other defining features of special needs trust remain unchanged. 

The qualifications as a special needs trust. Brian Neale stated that the trust must contain the assets of an individual with disabilities must be under the age of 65. The trusts have been created to benefit the individuals with disabilities. One of the provisions include that any remaining assets be repaid back to the state upon a person’s death up to the value that the state will provide to medical assistance. 

In many cases many individuals with disabilities will be faced with a cap on their assets to meet to continue to qualify to for Medicaid and other government programs. 

There’s only a few ways that individual with disabilities can be accure more assets without losing eligibility to Medicaid and other government programs. 

Allowing individuals with disabilities to form trust for themselves will give them the supports to gain independence. 

These trust will give more opportunities to individuals with disabilities for the chance to live an independent life without fear of losing their benefits. 

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The ABLE Act Might be Getting a Facelift 

Posted: April 12, 2017 by AMCPress And Co in Disability News
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It was reported by Disability Scoop that there’s a chance that there will be be potential amendments hitting the senate floor the potential amends will include the potential for those who have the accounts to able to save more money if they are working. 

It’s great to see these changes that might be coming to the ABLE Act. I would hope that those who supported the ABLE Act continues to support this act since this will provide so many the ability to save more money while they are working and I would hope that they also look into more ways for people to say without facing issues that they might not have thought of during the time they were enacting the ABLE Act as a whole. 

Some accounts didn’t even include passing the accounts down to other family members who have disabilities. There’s always the ability to make changes to make the ABLE Act better than it is. 

Either way it’s a success that they are willing to make changes to help make sure more people can save money and also more than the limitations they’ve set. 

I would suggest before starting any able accounts you do your research since each state is very different and each of their programs are different. 

We here at AMCPress&Co are proud to announce that the Pennsylvania ABLE Saving Program will be launching April third. This is new for all Pennsylvanian who can take advantage of especially if you have been waiting to save money for either a short time or for a longer period of time.

This program can help give those who have disabilities the chance to live an independent life. I can see myself getting the plan so then I can use set goals so I can be independent and I see these accounts as great program as much the money will need to be used up for services that you use to maintain an independent life.  This can also help people to pay for example rent or a mortgages which is a great thing along with other expenses people.  You can learn more about Pennsylvania ABLE Saving Program at http://www.paable.gov/.

ABLE Accounts Are Starting to Roll Out

Posted: November 4, 2016 by AMCPress And Co in Disability News
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As of late ABLE Accounts are starting to roll out. Currently the states that have open enrollment are Ohio, Nebraska, Tennessee and Florida. Tomorrow Michigan’s ABLE account will be up and running from what I’ve understood from ABLE National Resource Center’s Facebook page. 

Last year that ABLE Act was enacted. Yes, it’s meant to help people with disabilities to give them better opportunities for prosper in life. There’s changes that are supposedly going to admended into the new law and there’s other organizations that are oppposing the changes. 

The one change that may make it beneficial to those who were diagnosed later in life with a disability. In the end I see it as one change that is minor that can only benefit more people in the end. 

There’s still a need for more changes when it comes inclusiveness in public school systems. Amongst better services for people with disabilities who are in need of psychological care and understanding the clients needs then the prescription drug industry. 

Congress is Planning On Adapting the ABLE Act 

Posted: March 24, 2016 by AMCPress And Co in Disability News
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A report came out this week which stated that congress is planning on adapting the ABLE Act to increase the age of the individuals to 46 years of age of their diagnosis.  We discussed this last night on our podcast which was a mini episode.