Missouri prepares savings account program for people with disabilities

4 days 14 hours 9 minutes ago April 19, 2017 Apr 19, 2017 Wednesday, April 19 2017 Wednesday, April 19, 2017 2:21:00 PM CDT in News
By: Desiree' Evans, KOMU 8 Reporter
loading

COLUMBIA - Missourians with disabilities will soon be able to sign up for an "ABLE" account. ABLE stands for Achieving a Better Life Experience and it's a program started by the treasurer's office. 

The savings account is tax-exempt and people with disabilities can sign up without losing their federal benefits.

The executive director of Midwest Special Needs Trust, Kathy Birkes, said the types of federal benefits vary for each person.

"You're usually looking at people who are on social security and Medicaid, sometimes, you're looking at people who are on SSDI, the disability payment and Medicare," Birkes said.

Birkes and the Midwest Special Needs Trust supports the disabled population so people can collect money or receive money and still maintain their public benefits. She said the newly-allowed accounts will put people with disabilities on a "level playing field." 

"They are a wonderful opportunity to support the disabled population in a way, especially the low-income and more moderate individuals that are receiving public benefits or receiving some services," Birkes said. "It allows them the opportunities to receive some monies or save some monies in an account that does not inhibit them with an asset test in terms of their eligibility for public benefits."

Birkes said, even though these savings accounts are a step in the right direction for those with disabilities, signing up for an account comes with several requirements.

"One has to have had their disability determined before the age of 26, they are only allowed to deposit $14,000 a year, it also has restrictions in terms of the amount you can cap out at in terms of balance in the ABLE account." 

Spinal chord injury survivor Max Lewis said he thinks the ABLE accounts are a great idea.

"I think it's going to be beneficial to those who may have bills that exceed what they can pay for out of one check," Lewis said. "A lot of times in one month you have rent, you have your cable bill, you have your telephone bill, etc."

Lewis said he's a recipient of Medicaid, Medicare and social security supplementary and disability benefits and, even with those benefits, it's barely a livable wage.

"My maximum monthly amount comes to $827 a month," he said. "In my situation, it's hard to save money but it's possible. You just have to budget really well."

The launch date for the ABLE program is April 24. 

More News

Grid
List
COLUMBIA - The Audubon Society of Missouri (ASM) combined nature and technology with a new interactive bird sighting app. ... More >>
9 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 7:02:00 PM CDT in News
JEFFERSON CITY - A routine inspection of the Missouri River bridge in Jefferson City will close down one lane Monday... More >>
11 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 5:13:00 PM CDT in News
JEFFERSON CITY (AP) — Efforts by some Missouri legislators to make such discrimination on the basis of sexual orientation against... More >>
11 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 4:56:00 PM CDT in News
COLUMBIA (AP) — The Missouri Department of Conservation is using new technology and smarter traps to improve its efforts to... More >>
12 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 4:00:56 PM CDT in News
FULTON - An ordinance proposed in Callaway County could complicate potential confined animal feeding operation (CAFO) construction. It could make... More >>
13 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 3:30:00 PM CDT in News
COLUMBIA (AP) — A dormitory association at the University of Missouri is pushing that a new residence hall on campus... More >>
13 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 3:17:40 PM CDT in News
MARTINSBURG (AP) — An eastern Missouri family's dog has been impounded for disease monitoring after authorities said it mauled and... More >>
13 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 3:02:58 PM CDT in News
FULTON – A search party assembled at Memorial Park at 10:30 a.m. to continue the search for 31-year-old Carl DeBrodie.... More >>
13 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 2:53:00 PM CDT in News
KANSAS CITY, Kan. (AP) — Police have arrested the Kansas man charged with killing the sister of a girl whose... More >>
17 hours ago April 23, 2017 Apr 23, 2017 Sunday, April 23 2017 Sunday, April 23, 2017 11:02:51 AM CDT in News
COLUMBIA — Party For A Purpose mixed the socialization of a party with conversation on mental health and suicide prevention.... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 11:36:00 PM CDT in News
COLUMBIA — The Islamic School of Columbia-Missouri invited the community to help them promote international togetherness on Saturday. The school... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 11:05:00 PM CDT in News
COLUMBIA — Future veterinary students flocked to MU campus Saturday to learn about what the College of Veterinary Medicine has... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 7:22:00 PM CDT in News
COLUMBIA — A team of veterinary oncologists at the MU Veterinary Health Center is looking for dogs with cancer to... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 6:35:00 PM CDT in News
COLUMBIA — Saturday is Earth Day and the City of Columbia has a series of recommendations on how to save... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 6:32:00 PM CDT in News
COLUMBIA — Three thousand yellow rubber ducks filled the grounds of Columbia’s Central Missouri Humane Society to raise money... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 4:30:00 PM CDT in News
JEFFERSON CITY — With House Bill 130 set to become law, Gov. Eric Greitens will smooth potholes to expansion for... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 2:58:00 PM CDT in News
KANSAS CITY (AP) — Hundreds gathered in a downtown Kansas City, Missouri, park on Earth Day in support of calls... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 2:06:00 PM CDT in News
FULTON — The Ryan's Case for Smiles mid-Missouri chapter got together on Saturday at First Presbyterian Church in Fulton to... More >>
1 day ago April 22, 2017 Apr 22, 2017 Saturday, April 22 2017 Saturday, April 22, 2017 1:26:00 PM CDT in News
Columbia, MO
Broken Clouds 52°
5am 42°
6am 42°
7am 45°
8am 50°

Select a station to view its upcoming schedule:

Coming Up Next

4:00a
Early Today
4:30a
KOMU 8 News Today
5:00a
KOMU 8 News Today
4:00a
Paid Program
4:30a
Paid Program
5:00a
Paid Program

Tonight's Schedule

7:00p
The Voice
9:01p
Taken
7:00p
Supergirl
8:00p
Jane the Virgin
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld