ABLE Savings Plan Changes Lives For People With Disabilities
Originally published as a PR release by Washington State ABLE Plan on Feb 05, 2019 | Updated: Feb 01, 2020
Washington ABLE Savings Accounts
Beginning the month of February, 2019, Washington State ABLE accounts became available for people living with disabilities. A Washington State ABLE account allows people with eligible disabilities to save for their everyday needs, invest in a tax-free account and prepare for their future without losing their state or federal benefits.
Washington State launched a campaign to raise awareness among 130,000-180,000 Washington citizens who may be eligible for the first-time savings program. Learn more by watching the 30-second TV spot below.
Saving for Independent Living
Emma Patterson of Lake Stevens, Washington, and other Washington State ABLE account holders shared their stories as part of the statewide campaign. Discover Emma's story here.
Patterson has big goals. She also has Down syndrome. And up until recently, asset limits for federal benefits, such as Social Security and Medicaid, kept Patterson and other individuals with disabilities from being able to save money for things like a college education or housing.
Patterson, who was 16 years old at the time, has her sights on a promising future: "When I am an adult, I want to teach art in the Child Life program at Seattle Children's Hospital," said the 16-year-old from Lake Stevens, Washington. "I will need to go to college and have an apartment in Seattle to do this job."
In 2017, for the first time, Patterson and her family were finally able to begin saving for her future without fear of losing federal benefits, thanks to the Washington State ABLE Savings Plan, a new way for people with disabilities to save for today and tomorrow.
"My family and I can save money so I can live the life I want, and a Washington ABLE account will help us do that,"
– Emma Patterson
How the Washington ABLE bill passed 29-3
But that's not all. When she was just 13 years old, Emma's 2014 testimony to Washington State House Appropriations Committee swayed the lawmakers to vote yes on House Bill 2323, the bill that brought ABLE Savings to Washington.
“I’m excited lawmakers got to meet Emma and decided to pass the bill in Appropriations right then,” Kilduff said. “People tell me they can’t remember it happening before. It’s because of Emma’s courage.”
Christine Kilduff, chair of the House Civil Rights & Judiciary Committee, Washington State.
What Can You Do with an ABLE account?
Washington's ABLE program, which is housed within the Washington State Department of Commerce, was launched in 2018. Federal legislators passed the Achieving a Better Life Experience (ABLE) Act in 2014, which allowed states to create these savings accounts for people living with disabilities and their families. U.S. citizens or legal residents who have a disability or blindness that developed by age 26 are eligible for ABLE.
ABLE account holders can set aside money and make investments in stocks and bonds. Withdrawals from an ABLE account are tax-free and can be used for many types of monthly living expenses, like groceries, housing, technology or transportation. ABLE account holders can also save toward big goals, like a trip, college, or vehicle or house purchase.
SOURCE Washington State ABLE Savings Plan
To find out of you're eligible for an ABLE account, visit www.WashingtonStateABLE.com.