ABLE United has provided thousands of Floridians with disabilities a new way to save without affecting government benefits like Supplemental Security Income (SSI) and Medicaid. However, there has been one obstacle left that caused many not to open an account.
Federal law allows that when a beneficiary passes away, and after all outstanding Qualified Disability Expenses are paid, a state may file a claim for Medicaid expenditures on their ABLE account. Now, thanks to the signing of HB 6047 on Friday June 7, 2019, Floridians covered by Medicaid no longer need to fear that a Medicaid claim will be filed on their ABLE United accounts. Instead after all Qualified Disability Expenses are paid, leftover funds would go to the individual’s estate.
Florida joined California, Maryland, Pennsylvania, Oregon and other states in passing legislation to clarify that all outstanding funds in an ABLE United account, after Qualified Disability Expenses are paid, should go to the beneficiary’s estate.
ABLE United salutes our elected officials and Governor DeSantis for passing and signing into law this important legislation, which provides increased peace of mind to ABLE United account holders receiving Medicaid and their families.
If Medicaid recovery was holding you back from opening an ABLE United account, now might be the time for you to reconsider investing in a brighter future.
There’s never been a better time to start saving than now.