Millions More Now ABLE-Eligible
New IL ABLE Account Owners, the Chicago Lighthouse, Access Living and Professor Harold Pollak of the University of Chicago joined Illinois Treasurer Michael Frerichs to celebrate ABLE age expansion at a March 9 news conference.
“This is a game-changer,” Treasurer Frerichs said. “The initial law unfairly excluded too many people. We worked to fix this limitation and are excited to help more individuals save and invest to increase their independence.”
Prior to January 1, account eligibility was limited to those who acquired their disability before age 26. The new law amended that threshold to before a person’s 46th birthday, making about 250,000 more Illinoisans eligible for IL ABLE Accounts.
Lynn and Carla are two of the many Illinoisans who opened IL ABLE Accounts as soon as the new law took effect January 1st.
“My neurologist diagnosed me with Multiple Sclerosis at age 36,” said Lynn, a new Account Owner. “The savings and asset protection benefits are obvious, but the benefits also include growth opportunities and future planning.”
Funds in an ABLE Account can be used for a variety of disability-related expenses, including housing, transportation, vocational training, and assistive technology. For those who become disabled after age 26, such as people injured in accidents or diagnosed with neurological conditions like Lynn, ABLE Accounts really are a game changer. “Families of disabled people deserve to be able to save money for expensive treatment, which usually require out of pocket expenses. Disability is inconsistent and unpredictable. I believe society severely underestimates how financially crippling disability can be.”
Age expansion also benefits military veterans with disabilities who meet the age of onset and Social Security disability – regardless of their VA rating.
Read the Chicago Tribune op-ed
Learn more about IL ABLE at illinoisable.com and by reading the IL ABLE Plan Disclosure Booklet.
Ready to open an IL ABLE Account? Start here.