DiNapoli unveils NY ABLE program

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DiNapoli

POUGHKEEPSIE – State Comptroller Thomas DiNapoli outlined the state’s
New York Achieving a Better Life Experience (NY ABLE) program in Poughkeepsie
on Tuesday.

Meeting with Dutchess County Executive Marcus Molinaro, DiNapoli urged
area residents to sign up for the new savings plan designed to help individuals
with disabilities maintain their health, independence and quality of life.

The program allows New Yorkers with disabilities to save money in their
own names without risking their Supplemental Security Income, Medicaid
and certain other means-based benefits. The program, also known as 529A
accounts, can be opened with a minimum contribution of $25.

Contributions can be made by eligible individuals, family members or friends,
but are not tax deductable. The annual contribution is capped at $14,000
and the maximum account balance is $100,000. In January, the annual cap
will increase to $15,000.

The program was modeled after the 529 College Savings Program.

“The NY ABLE program is another great example of how to ‘ThinkDIFFERENTLY’
for those with special needs and their families,” said Molinaro,
who launched his own ThinkDIFFERENTLY campaign last year.

To be eligible for the state program, an individual must have a disability
that was present before age 26 and be eligible for Supplemental Security
Income or Social Security Disability Insurance, be blind, have a significant
disability documented by a physician, or have a disability that is included
on the Social Security Administration’s Compassionate Allowance
Conditions List.

New York residency is requires and only one account is permitted per person.