More than 400,000 New Yorkers with disabilities will now have the opportunity to create a tax-exempt savings account for their health care needs thanks to legislation sponsored by Sen. David Carlucci, D-Rockland/Westchester.
The New York Achieving a Better Life Experience, or ABLE, Act provides residents with a disability the opportunity to create a tax-exempt savings account to be used for maintaining their health, independence and quality of life.
“This signing of the New York Achieving Better Life Experience, or ABLE Act, by Gov. Cuomo will provide life-changing options for people with disabilities as it allows families to save funds in a structure that will ensure those funds are available for education, health care, transportation, housing and other expenses not covered by other benefit programs,” said Susan Constantino, president and CEO of Cerebral Palsy Associations of New York State.
Modeled after the federal ABLE Act that was signed by President Barack Obama in 2014, this new law allows an individual to deposit money into an ABLE account that is exempt from any Medicaid or Supplemental Security monetary limit as it relates to personal assets.
"Living with a disability should not mean a life of poverty. The poverty rate for New Yorkers with disabilities is just over 28 percent, twice that of New Yorkers without disabilities. We must end this cycle, and the NY ABLE Act is a step to doing that," said Carlucci. "Our friends, neighbors and children with disabilities deserve an equal chance at a better, brighter and financially secure future. I thank Gov. Cuomo and applaud the support of advocates from across the state that made their voices heard in Albany."
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