Posted Aug. 5, 2014 | Last week the House Ways and Means Committee unanimously approved legislation that would create tax-advantaged savings accounts for individuals with disabilities. The Achieving a Better Life Experience Act (ABLE) would make tax-free savings accounts available to cover qualified expenses such as education, housing, medical and transportation. The bill’s sponsors intend it to supplement, but not supplant, benefits provided through private insurance, the Medicaid program, the beneficiary’s employment and other sources. The legislation has unusually strong bipartisan support in the House and Senate. Sponsors are trying to keep the momentum going to pass the measure this fall; however, the one hurdle they face is the cost. The Congressional Budget Office estimates the bill will cost approximately $2 billion over 10 years and lawmakers have yet to agree on an offset.
Courtesy of the National Association of Medicaid Directors