LANSING, Mich. (WLNS) — Legislation to update the MiABLE Disability Savings Program to allow more flexibility in spending successfully passed the governor’s desk Thursday.
An ABLE account allows people with disabilities and their families to save funds without jeopardizing eligibility for government benefits, as these benefits are often limited to those with little savings, sometimes as low as $2,000 according to the state.
These accounts must be used for what the state calls “qualified disability expenses” that help an individual maintain or improve their health, independence, or quality of life as it relates to their disability. These qualified expenses can be things such as:
- Education
- Housing
- Transportation
- Employment training and support
- Assistive technology and personal support services
- Health care, illness prevention, and overall wellness
- Financial management and administrative services
- Legal fees; expenses for oversight and monitoring
- Funeral and burial expenses
However, House Bill 5781 would allow for tax-free rollovers from 529 educational plans to ABLE accounts, allowing for more flexibility regarding how these funds are used. Legislators say this bill will make 500,000 more Michiganders eligible for MiABLE…