INDIANAPOLIS — A state program launched Thursday makes it possible for disabled Hoosiers to set aside funds for a variety of needs without imperiling their eligibility for government programs or benefits.
INvestABLE Indiana is a tax-advantaged savings account, available through State Treasurer Kelly Mitchell, that allows eligible Hoosiers to save up to $14,000 a year, and $100,000 total, that then won't be counted against any asset limit for state or federal assistance.
To participate, a Hoosier of any age must have been diagnosed with a disability before age 26, and either be currently receiving or eligible to obtain Social Security disability benefits.
Money may be deposited by the account holder or any other person on their behalf. Accounts can be opened with as little as $25.
Account earnings remain tax-free if the money is spent in connection with broadly defined disability-related expenses, including education, housing, transportation, health care, employment training, technological aids or support services.
"This program allows individuals living with disabilities an opportunity to build assets," said Mitchell, a Valparaiso University graduate. "I am pleased to be able to offer such an important service to Hoosiers."
ABLE stands for "Achieving a Better Life Experience." The accounts were authorized by Congress in 2014 and established in Indiana law by the 2016 General Assembly.