State Treasurer Eric Schmitt launches MO ABLE disability savings program
Monday, April 24, 2017
ST. LOUIS - State Treasurer Eric Schmitt today announced the launch of MO ABLE, a program that empowers Missourians living with disabilities to save and invest through tax-free savings accounts without losing eligibility for federal programs like Medicaid and Supplemental Security Income (SSI). The program’s launch marks the most significant public policy change for Missouri’s disability community since the signing of the Americans with Disabilities Act.
Missourians who contribute to ABLE accounts will be eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. Earnings in ABLE accounts are not subject to federal or state income tax, so long as funds are spent on qualified disability expenses.
“My wife Jaime and I know firsthand the potential the MO ABLE program has to change lives due to our experience with our twelve year-old son, Stephen, who faces the challenges of several profound disabilities,” said Schmitt. “I’m proud to say individuals living with disabilities in our state finally have a flexible, secure, and accessible way to save for their long-term needs. The peace of mind MO ABLE will bring to Missouri families simply cannot be overstated.”
Powered by the multistate STABLE partnership, MO ABLE features the lowest cost and highest quality plans in the nation. The program’s tax-free savings accounts allow families to set aside money to use on qualified expenses such as education, healthcare, housing, transportation, and more.
“The National Down Syndrome Society, the leading human rights organization for all individuals with Down syndrome, is thrilled to join Missouri in launching the MO ABLE program today,” said Sara Hart Weir, President of the National Down Syndrome Society. “ABLE accounts now offer an opportunity for all people with disabilities to achieve financial independence all while maintaining necessary benefits like Medicaid. ABLE is a game changer for our families and offers a private sector solution to allowing individuals with disabilities (and their families) to save funds for expenses related to the disability."
Eligible individuals can learn more and sign up for an account at www.moable.com. An initial contribution of at least $50 is required in order to set up an account.