Mississippi launches savings program for people with disabilities

MISSISSIPPI (WLOX) – Mississippians with disabilities now have a way to save money without fear of losing their public benefits. The Mississippi ABLE Program offers individuals with disabilities the opportunity to “Achieve a Better Life Experience.”

ABLE accounts are savings accounts for qualified individuals with disabilities. Money put into the account is not counted against any public benefits and may provide tax advantages.

“ABLE is a ground-breaking program for individuals with disabilities,” said Rick Courtney, chairman of the Mississippi ABLE Board. “Those who receive benefits have always been told that they couldn’t save money without jeopardizing their benefits. ABLE changes the rules. This is really significant n so many levels, but especially for capable adults with disabilities and parents of children with disabilities who want to save for their children’s future like other parents.”

The Mississippi ABLE Program was established in state law following the passage of Senate Bill 2311 in the 2017 Legislative Session. The legislation established a nine-member governor-appointed board to oversee the program and tasked the Mississippi Department of Rehabilitation Services with administration of the program.

“As the state agency dedicated to helping Mississippians with Disabilities, we are perfectly equipped and extremely honored to be working with the state’s ABLE Board to implement ABLE in our state,” said Chris Howard, executive director for the Mississippi Department of Rehabilitation Services and Vice-Chairman of the Mississippi ABLE Board. “We truly believe this program will help in providing financial freedom to so many we serve.”

To qualify for the ABLE program, an individual must have acquired their disability before reaching the age of 26. Contributions can be made to the account by anyone and may qualify for a state income tax deduction. Income earned in the accounts is not taxed if spent on qualified disability-related expenses. The accounts can be used for daily transactions or long-term savings.

“ABLE Accounts are all about independence,” said Lynn Fitch, Mississippi State Treasurer and ABLE Board Member. “They promote saving for a life of independence that many people with disabilities and their families can’t afford. And that is good, not only for Mississippians with disabilities but, for all of Mississippi.”

Mississippi residents interested in learning more about the Mississippi ABLE Program can find additional resources and sign up online at www.mississippiable.com or by calling 1-888-609-3469.