February 20, 2019

What is the ABLE Act?

The Stephen Beck, Jr., Achieving a Better Life Experience (ABLE) Act, a federal law enacted in December 2014, authorizes each state to establish a program that offers tax-free savings and investment options to encourage individuals with a disability and their families to save private funds to support health, independence and quality of life. In July 2015, the state of Florida created Florida ABLE, Inc., to administer Florida’s ABLE Program, ABLE United.

Money contributed to an ABLE account is generally disregarded when determining eligibility for federal benefit programs, such as Supplemental Security Income (SSI) and Medicaid.