GUEST COMMENTARY: FOR MARYLANDERS WITH DISABILITIES, HELP IS ON THE WAY
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Title : GUEST COMMENTARY: FOR MARYLANDERS WITH DISABILITIES, HELP IS ON THE WAY
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Title : GUEST COMMENTARY: FOR MARYLANDERS WITH DISABILITIES, HELP IS ON THE WAY
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For more than two decades, disability rights advocates have pushed for tax-preferred savings accounts to allow individuals with disabilities to save money without jeopardizing state and federal means-tested benefits like Medicaid, Supplemental Security Income (SSI), food or housing assistance. Last week, the Maryland 529 Board approved an intergovernmental cooperative agreement with the State of Oregon and Sumday Administration, LLC (a subsidiary of Bank of New York Mellon (BNYM), for the savings program known as Maryland ABLE (Achieving Better Life Experiences), which is now headed to the Board of Public Works for final approval on Wednesday.
After final Board of Public Works approval, which is expected to be unanimous, the Maryland ABLE program will be overseen by the public agency responsible for the state’s $6.24 billion college savings plans.
Maryland ABLE is part of a national, bipartisan effort to provide more independence, greater financial security, and a better quality of life for individuals with disabilities. Once the program is launched, Marylanders with qualified disabilities will be able to save up to $100,000 in their Maryland ABLE account above beyond the paltry $2,000 currently set by the SSI program without threatening their public assistance.
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After final Board of Public Works approval, which is expected to be unanimous, the Maryland ABLE program will be overseen by the public agency responsible for the state’s $6.24 billion college savings plans.
Maryland ABLE is part of a national, bipartisan effort to provide more independence, greater financial security, and a better quality of life for individuals with disabilities. Once the program is launched, Marylanders with qualified disabilities will be able to save up to $100,000 in their Maryland ABLE account above beyond the paltry $2,000 currently set by the SSI program without threatening their public assistance.
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