NC Department of State Treasurer Launches NC ABLE Program
New accounts provide opportunity for people with disabilities nationwide to save and invest without jeopardizing federal and state benefits
RALEIGH, NC — Starting January 26, individuals with disabilities can save and invest without jeopardizing means-tested benefits. The NC ABLE Program launches nationwide at www.NC.SaveWithABLE.com. These affordable, tax-advantaged accounts allow eligible individuals, with either physical or cognitive disabilities, to save up to $14,000 a year without endangering eligibility for certain means-tested federal and state benefit programs, including Medicaid and Supplemental Security Income (SSI). Parents of children with disabilities and their guardians can open accounts on behalf of those who qualify.
NC ABLE account funds can be used to pay for a wide variety of qualified disability expenses (QDEs) including those related to rent and housing, transportation, educational needs, employment training and supports, assistive technology, and many other approved expenses.
“NC ABLE accounts allow people with disabilities, and those who love and care for them, the chance to save and invest their own money – something that, before now, meant giving up critically needed benefits,” said State Treasurer Dale R. Folwell, CPA. “Along with the ABLE Board of Trustees and disability advocates across the state, we are dedicated to providing a program that serves the often forgotten needs of many North Carolinians.”
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