Rep. Reineke Votes To Help People With Disabilities Meet Financial Needs
ABLE program allows disabled Ohioans to create tax-advantaged savings accounts
May 20, 2015
[ Bill Reineke Home | Bill Reineke Press ]

State Representative Bill Reineke (R-Tiffin) applauded today’s House passage of legislation that allows the family members or guardians of Ohioans with disabilities to create their own tax-advantaged accounts.

House Bill 155 establishes the “Achieving a Better Living Experience” (ABLE) program in Ohio, which makes it easier for individuals and families to provide financial assistance to disabled persons, helping them to sustain a healthy, independent lifestyle.

“We are looking for as many ways as possible to provide flexibility and give control to families in these situations,” Rep. Reineke said. “Encouraging long-term savings will prove to be a much-needed tool for our families to work through some of the financial challenges associated with healthcare costs and other expenses. I think it’s a win for everyone involved.”

The ABLE program helps eligible beneficiaries who meet certain disability requirements established by federal law. For those who are eligible, the accounts will not affect eligibility for Supplemental Security Income (SSI), Medicaid or other public benefits, until the account reaches a certain threshold. The legislation explains further that an ABLE account will, with private savings, secure funding for disability-related expenses on behalf of designated beneficiaries.

The program will be administered through the State Treasurer’s office, including actions such as seeking rulings from the IRS, developing necessary rules and forms, and establishing procedures for paying administrative costs.

Having passed the House with unanimous support, HB 155 now goes to the Ohio Senate for further consideration.

Featured Posts