Missouri prepares savings account program for people with disabilities

2 years 7 months 2 weeks ago Wednesday, April 19 2017 Apr 19, 2017 Wednesday, April 19, 2017 2:21:00 PM CDT April 19, 2017 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
COOPER COUNTY - Neighbors who live near the Lamine River have watched the search for missing Columbia woman, Mengqi Ji... More >>
1 day ago Wednesday, December 04 2019 Dec 4, 2019 Wednesday, December 04, 2019 7:17:00 PM CST December 04, 2019 in News
COLUMBIA - The victim of an attempted homicide in mid-November died in her home Friday. The Columbia Police Department... More >>
1 day ago Wednesday, December 04 2019 Dec 4, 2019 Wednesday, December 04, 2019 4:40:00 PM CST December 04, 2019 in News
COLUMBIA – Boone County's sales tax revenue has been steadily decreasing in recent years - and homeowners in the county... More >>
1 day ago Wednesday, December 04 2019 Dec 4, 2019 Wednesday, December 04, 2019 3:06:00 PM CST December 04, 2019 in News
ELDON - The National Alliance on Mental Illness, or NAMI, hosted the first of two community meetings on Wednesday to... More >>
1 day ago Wednesday, December 04 2019 Dec 4, 2019 Wednesday, December 04, 2019 2:30:00 PM CST December 04, 2019 in News
COLUMBIA - Former MU football coach Barry Odom released a statement Wednesday following his termination over the weekend. In... More >>
1 day ago Wednesday, December 04 2019 Dec 4, 2019 Wednesday, December 04, 2019 10:50:00 AM CST December 04, 2019 in News
JEFFERSON CITY -- The Missouri Special Olympics will host a meeting on Wednesday in search of volunteers to be part... More >>
1 day ago Wednesday, December 04 2019 Dec 4, 2019 Wednesday, December 04, 2019 8:00:00 AM CST December 04, 2019 in News
JEFFERSON CITY - It's been almost seven months since a tornado tore through Eldon and Jefferson City, but trauma for... More >>
1 day ago Wednesday, December 04 2019 Dec 4, 2019 Wednesday, December 04, 2019 7:00:00 AM CST December 04, 2019 in News
SEDALIA — Gov. Mike Parson has a plan for more and better jobs in mid-Missouri. The governor spoke at... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 8:32:00 PM CST December 03, 2019 in News
COLUMBIA - CoMoGives passed $100,000 of donations Tuesday on the third day of the month-long fundraising campaign for nonprofits in... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 7:53:00 PM CST December 03, 2019 in News
JEFFERSON CITY - Jefferson City business owners are dealing with damaged or demolished buildings from the tornado in May. Although... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 6:07:00 PM CST December 03, 2019 in News
(CNN) -- Winter is coming — for our French fries. Unusually cold and wet weather during the potato harvest... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 3:51:00 PM CST December 03, 2019 in News
COLUMBIA - Despite a disappointing end to the year, MU football has reasons to be optimistic for the future. ... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 2:26:00 PM CST December 03, 2019 in News
CAPE GIRARDEAU, Mo. (AP) — A dog who was dubbed the unicorn puppy because of a tail-like growth between his... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 1:49:07 PM CST December 03, 2019 in News
SPRINGFIELD, Mo. (AP) — A federal judge has ruled that an 1851 maritime law does not protect a company from... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 1:25:00 PM CST December 03, 2019 in News
COLUMBIA - Police have now released photos and are asking for assistance in identifying a suspect who ran into a... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 1:00:00 PM CST December 03, 2019 in News
CAMDEN COUNTY - Prosecutors filed charges on November 27 against a man deputies say committed numerous child sex crimes. ... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 12:34:00 PM CST December 03, 2019 in Continuous News
Kamala Harris is ending her bid for the Democratic presidential nomination in 2020. She told supporters in an email Tuesday... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 12:13:00 PM CST December 03, 2019 in News
ST. LOUIS (AP) — Interest in medical marijuana use has far outpaced expectations only five months into Missouri’s new program.... More >>
2 days ago Tuesday, December 03 2019 Dec 3, 2019 Tuesday, December 03, 2019 12:10:00 PM CST December 03, 2019 in News
Columbia, MO
Broken Clouds 47°
5am 42°
6am 40°
7am 39°
8am 37°