Delaware State Treasurer Ken Simpler recently announced that Delaware will join a multi-state consortium known as the National ABLE Alliance to establish the Achieving a Better Life Experience program.
The decision to join the alliance was approved by the state’s Plans Management Board after a yearlong review conducted by the office of the state treasurer and the board’s ABLE Task Force.
Delawareans with a qualified disability will be able to own and maintain a tax-advantaged account to save and pay for disability-related expenses while preserving their federal benefits. As a member of the National ABLE Alliance, Delaware will share in the efficiencies and benefits of having a common program manager while retaining the ability to customize key features of the ABLE program to meet the needs of Delawareans with disabilities.
Alaska, Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Montana, Nevada, New Jersey, North Carolina, Pennsylvania and Rhode Island as well as Washington, D.C., are members of the National ABLE Alliance. Delaware joins these states in working together to create a shared platform to drive down costs for participants while providing robust features and investment products.
Eligibility for ABLE accounts is limited to persons with a qualified disability that onset before the age of 26. Funds in the accounts can be used to pay for education, health care, transportation, housing and other disability-related living expenses. Earnings on investments in ABLE accounts accumulate tax free and are never taxed so long as they are applied towards qualifying expenditures.
For more, visit treasurer.delaware.gov/able-program.