COVID19 stimulus checks present people with disabilities a great opportunity to save for their future with ABLE Accounts
The government is giving people a stimulus payment of $1,200 and some will get $500 more if they have a child they support. The stimulus payment is meant to help our country’s struggling businesses and communities during the COVID-19 pandemic. If you are already getting monthly Social Security benefits you will get the stimulus payment the same way you receive your monthly benefits. The stimulus payment MUST be spent within 12 months. Otherwise, it will count as an asset and could reduce your benefits. Many people have already received their stimulus payments.
You can put all or part of your stimulus payment into an ABLE account. That way, you don’t have to worry about spending the money right away if you don’t need to. Putting the payment in an ABLE account can give you added flexibility. Plus, it will have the same benefits protection that the other money in your ABLE account has.
What are ABLE Plans doing to promote the use of Stimulus Checks for ABLE Account opening
ABLE Plans are partnering with their state Council on Developmental Disabilities and members of the National Disability Rights Network and other disability advocates to promote the use of stimulus checks to open ABLE accounts. Check with your partners in the disability community to identify groups that are intersted in collaborating to help ABLE eligible individuals.
ABLE plans have also been developing a variety of tools to make people aware of how stimulus checks can be used to open ABLE accounts and help people with disabilities participate in the community, build financial wellness and plan for the future by empowering them to save and invest for the added expenses that come with having a disability without losing access to federal means-tested benefits.
The following are a few examples of tools that ABLE plans have developed to describe how stimulus checks can support ABLE participation:
“Having an ABLE account now means financial security. I just put a down payment on an accessible vehicle with the money I saved in my ABLE account. I don’t know what I would do without ABLE.”
— Wendy Settles, Illinois, Young adult professional with Cerebral Palsy
ABLE in the News
Rep. McMorris Rodgers on the ABLE Act: ‘It’s Personal’ – October 20, 2020
Can a disabled person have savings and qualify for Medicaid? – August 3, 2020
What Is an ABLE Account? – August 1, 2020
Help more vets, others save for medical expenses – July 21, 2020
An Introduction to ABLE Accounts – March 23, 2020
IAble wants more – Editorial celebrating 3rd Anniversary of IAble – February 27, 2020
Everything You Need to Know About ABLE Accounts – February 19, 2020
Celebrating and expanding upon five years of the ABLE Act – February 9, 2020
Five Practical Uses for an ABLE Account – January 24, 2020
How to build support system for adult children with disabilities – January 9, 2020
529 ABLE Accounts: Helping End Forced Poverty For Disabled Individuals – November 12, 2019
How to Plan for Retirement and Special-Needs Care – October 19, 2019
Recent Changes to ABLE Accounts and Why Your Client Might Want One – September 23, 2019
Top Ways to Plan for Your Special Needs Child’s Future – August 2019
There’s a game-changing way for people with disabilities to save – August 24, 2019
Expanding the ABLE Act will help those who need it most – March 29, 2019
Sen. Burr and Sen. Casey ABLE Op-Ed – August 11, 2018