Important Information for Students with IEPs
With summer heat lingering across Illinois, it is hard to believe a new school year has already begun. As students with disabilities return to the classroom to learn and build their knowledge and skills, this is a perfect time for parents and guardians to build their knowledge about their children’s financial futures. Here are three tips to get you started:
- All Illinois public schools are required by law to deliver IL ABLE information to all students with Individualized Education Plans (IEP) as part of the student’s annual IEP meeting. Special education teachers and families should make sure this information is shared at the student’s next annual IEP meeting. Download the IL ABLE “Brochure for Students with IEPs” or in Spanish.
- It is never too early to start saving for a child with a disability’s future. Open and start contributing early to a child’s ABLE account. The account can be used during his school years to pay for a wide range of expenses, such as assistive technology, therapy, and so much more.
- Plan ahead for adult life. If a student is currently receiving or expected to be eligible for SSI or Medicaid benefits when s/he turns 18, savings built up in his IL ABLE Account over these next years will not be counted by the Social Security Administration as a resource – up to $100,000 for SSI – when s/he applies for benefits.
Learn more about IL ABLE at illinoisable.com and read the Plan Disclosure Booklet.