CHI - Friendship

ABLE to Save CHI Friendship partnered with a North Dakota Benefits Planner to provide an education class in September on the Achieving a Better Life Experience Act, also known as the ABLE Act. Many people we support are unable to save money for long-term goals due to the asset limits that are required to qualify for necessary benefits. ABLE accounts provide a savings tool to address this challenge. This is a rather new option, so people we support, their families, and team members requested more information on this topic. To learn more about the ABLE Act, you can contact Mark Mehlhoff at (701) 478-9122 or ndbenefits@hotmail.com. WHAT IS AN ABLE ACCOUNT? ABLE accounts are tax-advantaged investment accounts that help qualified individuals with disabilities and their families save for disability-related expenses. Anyone can contribute to an individual's ABLE account; however, all contributions combined are not to exceed $14,000 in any given tax year. Additionally, the funds in the account are not taken into consideration when determining eligibility for means-tested federally- funded benefits, such as Supplemental Security Income (SSI) and Medicaid. It is also important to note that a person can be the beneficiary of only one ABLE account. WHY THE NEED FOR ABLE ACCOUNTS? Eligibility for many of these public benefits (SSI, SNAP, Medicaid) require meeting a means or resource test that limits eligibility to individuals to report more than $2,000 in cash savings, retirement funds, and other items of significant value. To remain eligible for these public benefits, often an individual must remain poor. The ABLE Act recognizes the significant additional costs of living with a disability and provides a savings vehicle to address it. WHO IS ELIGIBLE TO OPEN AN ABLE ACCOUNT? The ABLE Act limits eligibility to individuals with significant disabilities with an age of onset of disability before turning 26 years of age. If you meet the age criterion and are also receiving benefits under SSI and/or SSDI, you are automatically eligible to establish an ABLE account. If you are not a recipient of SSI and/or SSDI, but meet the age of onset disability requirement, you could still be eligible to open an ABLE account if you meet the Social Security's definition and criteria regarding significant functional limitations and receive a letter of certification from a licensed physician. You need not be under the age of 26 to be eligible for an ABLE account. You could be over the age of 26, but must have had an age of onset before your 26th birthday. HOW CAN THE FUNDS IN AN ABLE ACCOUNT BE USED? Funds in the account can be used to purchase "qualified disability-related expenses." A "qualified disability expense" is any expense related to the designated beneficiary's blindness or disability that assists him/her in increasing and/or maintaining health, independence, and/or quality of life. These may include expenses related to education, housing, transportation, employment training and support, assistive technology, personal support services, healthcare expenses, financial management, administrative services, and other expenses. Mission Vision Catholic: Living Our Mission and Core Values Learning something new from each other every day Focusing on improving quality of life for all community members Supporting people to achieve their hopes and dreams by valuing choice, self-determination, and dignity of risk Health: Improving the Health of the People and Communities We Serve Embracing a holistic approach to empowering people to nurture their physical, mental, emotional, and spiritual well-being Working together to create a community that embraces a healthy spirit for all Initiatives: Pioneering Models and Systems of Care to Enhance Care Delivery Pioneering creative service delivery that embodies quality and innovative opportunities for the people we support Providing leadership through listening, learning, and continuous improvement and exploration of promising practices CHI Friendship is devoted to: The Mission of Catholic Health Initiatives is to nurture the healing ministry of the Church, supported by education and research. Fidelity to the Gospel urges us to emphasize human dignity and social justice as we create healthier communities. Details about ABLE accounts reprinted courtesy of the ABLE National Resource Center. CHI FRIENDSHIP /// chifriendship.com 7

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