Boise, Idaho - Starting January 15th Idahoans with disabilities will have access to Achieving a Better Life Experience (ABLE) savings accounts, a federally authorized, tax-advantaged savings program that allows eligible individuals to save and invest money for disability-related expenses without jeopardizing eligibility for certain public benefits.
“The launch of the Idaho ABLE Savings Plan is a great opportunity for more Idahoans to save money, and I’m excited that they now have access to these accounts through Idaho’s own ABLE program,” said Idaho State Treasurer Julie Ellsworth.
“STABLE Account has opened so many doors for people living with disabilities across the country,” said Ohio Treasurer Robert Sprague. “Ohio is proud to be home to STABLE Account, and we’re excited to welcome Idaho as our newest partner with the program.”
ABLE accounts may be used for a wide range of qualified disability-related expenses, including education, housing, transportation, healthcare, employment training, and assistive technology. Earnings grow tax-free when funds are used for qualified expenses, and account balances below federal limits are excluded from resource calculations for programs such as Supplemental Security Income (SSI) and Medicaid.
Idaho is providing ABLE accounts through a partnership with STABLE Account, a national, multi-state program that administers ABLE programs on behalf of participating states. By joining the program, Idaho is able to offer an established and professionally managed ABLE program without creating and administering a standalone program.
“Partnering with STABLE Account allows Idaho to provide a high-quality ABLE program while keeping administrative costs low for account holders,” said Idaho State Treasurer Julie Ellsworth.
“The Idaho State Independent Living Council remains committed to supporting this effort and will continue to provide technical assistance across Idaho,” said Mel Leviton, Executive Director of the Idaho State Independent Living Council.
The Idaho ABLE website will go live on January 15, with information on eligibility, contribution limits, investment options, and enrollment.
For more information or to open an account, visit idahoable.com.