More than 400,000 New Yorkers with disabilities will now have the opportunity to save money for their health-care needs
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 as a result of the “ABLE Act” taking effect.
Modeled after the federal ABLE Act that was signed by President Barack Obama in 2014, this 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. Senator David Carlucci (D-Rockland, Ossining) was a key sponsor of the New York ABLE Act.
Millions of individuals with disabilities and their families depend on a wide variety of public benefits for income, health care and food and housing assistance. Historically, the eligibility for these public benefits has required people with disabilities to be financially insolvent, denying them the opportunity to plan for the future, Carlucci’s Office stated.
For the first time in public policy, the ABLE Act recognizes the extra and significant costs of living with a disability.