A frequently asked question about the Enable Savings Plan is “who is eligible to open an account?”

Currently, under the Achieving a Better Life Experience (ABLE) Act, one criterion used to determine if individuals are eligible to open an account is if the onset of the disability was before their 26th birthday.

Recently, Congress is reviewing legislation to increase the age from 26 to 46. The Enable Savings Plan team supports this age increase.

One of the most frequent comments we receive on eligibility comes from those whose disability occurred after the age of 26. Research shows the first symptoms of multiple sclerosis occur between the ages of 20 and 40. Others talk about injuries they incurred due to car accidents they were in after the age of 26.

Wounded veterans, one of the important groups which the ABLE Act was created for, tell us veterans suffer physical and mental handicaps that begin well past the age of 26. We understand that 26 years old was chosen due to the need to minimize the impact on tax losses due to the tax-advantaged nature of an ABLE account.  However, these accounts are meant to benefit and provide long-term financial independence for individuals who have a whole life ahead of them.

The extension of the age limit to 46 for ABLE accounts is both necessary and significant. We urge you to contact your state’s congressional representatives, asking them to support the age increase for the ABLE Act. ABLE savings plans will serve as vital financial vehicles for individuals with disabilities. A person’s eligibility should not be so severely limited by his or her age.

-Rachel Biar, Assistant State Treasurer, Nebraska State Treasurer’s Office