[Nfbk] FW: KY ABLE fact sheet 060216 revised

[Todd E. Stephens]

FYI!

 

Todd

From: Wright, Jennifer (OFB-FK) [mailto:JenniferN.Wright at ky.gov] 
Sent: Monday, June 06, 2016 10:52 AM
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Subject: FW: KY ABLE fact sheet 060216 revised

 

FYI

 

Kentucky ABLE Act

Promoting Independence, Work & Savings for 
Kentuckians with Disabilities

 

Starting July 15, 2016, eligible Kentuckians can open ABLE accounts 
without jeopardizing Medicaid eligibility or means-tested benefits such as
SSI. 

 

FACTS ABOUT THE KY ABLE ACT

·         The Kentucky ABLE Act (
<http://www.lrc.ky.gov/record/16RS/SB179.htm> SB 179) allows Kentuckians to
benefit from the federal Achieving a Better Life Experience (ABLE) Act,
which allows people with disabilities to establish tax-deferred savings
accounts under §529A of the US Tax Code.  The new law will be effective on
July 15, 2016. 

·         The new law DOES NOT create a state program.

·         The new law DOES allow Kentuckians to establish accounts (operated
under other states programs) without jeopardizing means test benefits or
Medicaid. 

·         The new law directs the State Treasurer to work with several other
government and advocacy stakeholders to determine the best plan of action
related to ABLE accounts for Kentuckians. 

HOW CAN KENTUCKIANS OPEN ACCOUNTS?

·         As of June 2, 2016, Ohio is the only state that has a program
offering ABLE Accounts.  
The Ohio program is open to people from other states, including Kentucky.  
More information is available at  <http://www.stableaccount.com/>
http://www.stableaccount.com/ .

·         Several other states plan to begin offering accounts soon,
including: Tennessee, Nebraska, Virginia and Colorado. 

KEY CHARACTERISTICS OF ABLE ACCOUNTS

·         To quality, an individual must become disabled before age 26. In
addition, an individual either must be entitled to Supplemental Security
Income or Social Security Disability Income benefits, or file a disability
certification with the IRS. 

·         ABLE Accounts are similar to college-savings plans governed by
§529 of the US Tax Code.  However, spending is allowed for “qualified
disability expenses” (not just on education-related expenses).

·         Qualified disability expenses are any expenses made for the
benefit of the designated beneficiary related to his/her disability,
including: education, housing, transportation, employment training and
support, assistive technology and personal support services, health,
prevention and wellness, financial management and administrative services,
legal fees, expenses for oversight and monitoring, funeral and burial
expenses.

·         Any person, such as a family member, friend, or the person with a
disability, may contribute to an ABLE account for an eligible beneficiary 

·         The legislation includes a Medicaid pay-back provision, which
could allow recoupment for Medicaid payments from money left in the account
after the beneficiary’s death.

 

For more information, visit  <http://www.ablenrc.org/>
http://www.ablenrc.org/

 

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