Burke Sponsors New Law Making it Easier for Disabled Persons to Save for Future Care

EVERGREEN PARK, IL -- A new law sponsored by state Rep. Kelly Burke (36th District) designed to make it easier for people with disabilities to save money for future expenses officially launched last week.

The Evergreen Park state lawmaker’s bill will enable Illinois to lead a partnership with 14 other states to help disabled and blind residents save for their future expenses using Achieving a Better Life Experience (ABLE) savings accounts. These savings accounts operate similarly to 529 college savings plans, with the earnings on the funds being exempt from taxation. These accounts also don’t jeopardize the ability of beneficiaries to participate in federal aid programs. Previously, individuals on these aid programs were only allowed to save up to $14,000. With the ABLE program, they can now save up to $100,000 for use on qualified disability expenses.

“The new ABLE savings program will allow individuals to save for their future without risking their disability benefits,” Burke said in a news release. “These funds will truly help our most vulnerable residents thrive and live their lives to the fullest.”

Visit ABLE to learn more about the program and setting up an account.

Photo: State Rep. Kelly Burke helped spearhead a new savings account program to help disabled residents save for future expenses.