Missouri launches savings program for disabled people

Missourians with disabilities will benefit from the new MO ABLE (Achieving a Better Life Experience) financial savings program, state Treasurer Eric Schmitt said.

The program provides for a tax-free savings account that functions similarly to Missouri's college-savings plan, he said.

Expenses associated with a disability can be overwhelming, Schmitt said.

Federal eligibility standards limit personal assets to $2,000 for certain needs-based benefits programs.

The limit for Missourians enrolled in such programs, set by state law, can be as low as $999.

Until recently, it was common for people to limit their working hours and spend money to stay below the asset limit, Schmitt said in a telephone interview with the Southeast Missourian.

Now as a result of the MO ABLE program, launched in April, participants can save up to $100,000 without losing eligibility for federal benefits, the state treasurer said.

Contributions to these accounts are eligible for some of the most generous tax deductions of any state-based ABLE program in the nation, he said.

The program makes it easier for people and families to save for necessary purchases such as a motorized wheelchair, retrofitting of a home or individualized education materials, Schmitt said.

He said the program is the "most significant policy change" since the passage of the federal Americans With Disabilities Act 27 years ago.

Signing up for the program is quick and easy, Schmitt said.

"It literally takes less than 20 minutes," he added.

Schmitt, who seeks to educate Missourians about the program, said people can sign up online at moable.com.

The state treasurer said Missouri is partnering with four other states -- Ohio, Kentucky, Georgia and Vermont -- on the program.

"It is just a good idea," he said.

mbliss@semissourian.com

(573) 388-3641