MiABLE: Everything You Need to Know

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    Did you know that $2000 is the maximum amount of money a person with disabilities can have in their bank account? More than that amount in their account puts their other benefits at risk. People with disabilities are forced to live in poverty in order to receive the assistance they require to survive. Luckily, MiABLE is a wonderful program that is available here in Michigan. It brings financial security to those with disabilities.

    The goal of MiABLE is to encourage and assist individuals and families in saving funds that help individuals with disabilities to maintain health, independence, and quality of life. We’re proud to partner with MiABLE to give you all the information you need to help in the process of opening an account. 

    What is MiABLE?

    The Stephen Beck, Jr., Achieving a Better Life Experience Act (ABLE Act) was signed into law in 2014. This was adopted into Michigan law in October 2015. There are many expenses that come with having a disability. Therefore, this legislation was created to help ease the burden of those expenses.

    How can a MiABLE account be used? 

    A MiABLE account must be used for qualified disability expenses that help maintain or improve his or her health, independence, or quality of life. The types of disability expenses include: 

    • Education
    • Health and wellness
    • Housing
    • Transportation
    • Legal fees
    • Financial management
    • Employment training and support
    • Assistive technology
    • Personal support services
    • Oversight and monitoring
    • Funeral and burial expenses

    When a parent opens an account for their child with disabilities, they can use the money in the account to pay for things like diapers and food for their child. You can also get a working debit card to use money directly from the account to help pay for expenses related to your child’s disability. 

    Who is eligible for a MiABLE account? 

    There are a few requirements that individuals with disabilities must meet to be able to have a MiABLE account.

    You or your child are eligible if:

    Your disability was present before the age of 26; and one of the following is true:

    • You are eligible for supplemental security income or Social Security Disability Income because of a disability.
    • You experience blindness as determined by the Social Security Act.
    • Or, you have a similarly severe disability with a written diagnosis from a licensed physician that can be produced if requested.

    Why should I open a MiABLE account now? 

    Setting your child up for success in the future as well as providing financial security is always a good idea. Starting the saving process before your child turns 18 ensures they will have funds to use for expenses related to their disability. 

    Additionally, anyone can contribute to your child’s MiABLE account through Ugift. The process is simple. The money is deposited directly into their account to be used at any time. As an added benefit, people who contribute may be eligible for a tax deduction on their Michigan Income Tax return.

    How can I sign up for a MiABLE account? 

    The process of signing up for a MiABLE account is easy through their website, but we also had the opportunity to take a walk through with the MiABLE program director, Scott de Varona. You can check out the full video walk through and get answers to all of your questions here. Additionally, opening an account doesn’t require any money, and there are many different options of investments for your comfort level.

    If you have more questions about the benefits of a MiABLE account or want more information on opening an account, be sure to check out their website.

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