The ABLE Act, a bipartisan bill authored by Senator Casey (D-PA) that will help parents of children with disabilities save for their long term care.
“The momentum for the ABLE Act continues to grow.
We can pass this bill and pass it this year,” Senator Casey said. “I’ve personally spoken to President Obama and leaders in the House and Senate about this legislation. I’m confident we’re going to provide these families a way to help their children have a better future.”
The legislation would amend Section 529 of the Internal Revenue Service Code to create tax-free savings accounts for individuals with disabilities.
The bill, first introduced in 2006, would ease financial strains faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, medical, and transportation.
The bill would supplement, but not supplant, benefits provided through private insurance, the Medicaid program, the beneficiary’s employment, and other sources.
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