People in Michigan with disabilities will soon be able to save for qualified expenses without jeopardizing their access to state and federal benefits. Lieutenant Governor Brian Calley signed legislation in October of 2015 creating the Michigan Achieving a Better Life Experience program, and it’s getting ready to launch.
“By the end of this year, people will be able to enroll in MiAble accounts here in Michigan,” Calley said in a statement. “We will be the third state to do this, behind Ohio and Florida.”
Calley says MiABLE savings are not considered when applying for other federal or state benefits such as Social Security Disability Income, Medicaid, or Supplemental Nutritional Assistance Program.
The law is based on the federal ABLE Act, which will assist individuals and families in saving funds to maintain health, independence and quality of life, according to a press release.
“ABLE Accounts will provide Michiganders with disabilities and their families more opportunities to save money and work to build self-determined independent lives,” Calley stated in a release from his office. “I’m excited that we’re among the first states to make this great program a reality and encourage families to visit the website to learn more about it and sign up for updates.”
The Michigan Department of Treasury’s Student Financial Services Bureau will administer the program and has finalized a contract for the management, administration and investment services for the program with TSA Consulting Group.
“We are excited to be working with the State of Michigan to offer this innovative program and are looking forward to enrolling our first customers in November of this year,” said Steve Banks, Executive Vice President of TSA Consulting Group, in an interview with the Associated Press.
According to the state, funds deposited into MI-ABLE accounts may be used for expenses related to the person’s disability including education, housing, transportation, employment training and support, assistive technology and personal support services, legal fees, expenses for oversight and monitoring and funeral and burial expenses.
Different from traditional saving accounts, MI-ABLE savings are not considered when applying for other federal or state benefits like Social Security Disability Income, Medicaid, or Supplemental Nutritional Assistance Programs.
If you are disabled and have concerns about eligibility or how this may affect other benefits, call Resnick Law at (248) 642-5400 or contact us online to schedule an appointment.