Schaibley’s bill helping Hoosiers with disabilities could soon be law
STATEHOUSE (March 1, 2016) – The House of Representatives voted 95-0 today in support of a bill sponsored by State Rep. Donna Schaibley (R-Carmel), which establishes a framework that would allow people with disabilities in Indiana to open ABLE savings accounts.
In 2013, the federal government enacted the Achieving a Better Life Experience (ABLE) Act, allowing people with disabilities the ability to set up tax-free savings accounts that do not impact their public assistance benefits. Currently, people with disabilities are not allowed to have a savings account above $2,000 without affecting their public assistance such as Medicaid. The money in these savings accounts may be used by individuals to pay for services such as medical and dental care, education, employment training, housing and transportation.
“This bill aims to ease financial strains faced by individuals with disabilities by allowing them to establish tax-free savings accounts to cover qualified expenses such as education, housing and transportation,” Schaibley said. “ABLE accounts will supplement, but not supplant, benefits provided through private insurances, the Medicaid program, the supplemental security income program, the beneficiary’s employment and other sources.”
The ABLE Act provides individuals with disabilities the same types of flexible savings tools that all other Americans have through college savings accounts, health savings accounts and individual retirement accounts.
After today’s passage through the House of Representatives, SB 11 will now go to the governor where it could be signed into law.
Rep. Schaibley (R-Carmel) represents portions of Boone and Hamilton counties