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ABLE & COVID19 Stimulus Checks

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:

Alaska ABLE FAQs Sheet 

Connecticut economic impact payment memo to residential providers

Illinois Rebate and ABLE FAQ

Iowa Rebate and ABLE FAQ

Virginia ABLE now_COVID FAQs 

 

 

“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

Saving in Times of Crisis: How People with Disabilities Can Increase Financial Stability – August 19, 2020 – OPED by NAST ABLE Committee Chair and California State Treasurer Fiona Ma

How to support employees with disabilities during COVID-19 – August 2020

Can a disabled person have savings and qualify for Medicaid? – August 3, 2020

What Is an ABLE Account? – August 1, 2020

Special needs families face increased financial pressure in Covid-19 crisis. This can help – July 31, 2020

Celebrate the ADA’s 30th Anniversary by Passing the ABLE Age Adjustment Act – July 27, 2020

Help more vets, others save for medical expenses – July 21, 2020

The pandemic made everything harder: Financial strategies for people with disabilities and special needs – July 9, 2020

ABLE assists disbabled: New state program helps residents without risking federal benefits – March 13, 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 

How to build support system for adult children with disabilities – January 9, 2020

ABLE accounts let the disabled plan, dream and save big—without risking essential federal benefits – January 7, 2020 

People with disabilities can now set some financial goals thanks to this game-changer – December 15, 2019

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

Treasurer Davis Celebrates One Year Anniversary of Delaware ABLE Plan, Releases Video – June 25, 2019

Expanding the ABLE Act will help those who need it most – March 29, 2019

It’s Disability Employment Awareness Month: ABLE to Work helps Americans with disabilities – October 25, 2018

Sen. Burr and Sen. Casey ABLE Op-Ed – August 11, 2018