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FOR IMMEDIATE RELEASE
November 12, 2024
Contact: Ron Leix, Treasury, 517-335-2167
Giving Tuesday great time to deliver the gift of financial independence with MiABLE account
LANSING — In the spirit of next month’s Giving Tuesday, the Michigan Department of Treasury encourages Michiganders to support people with disabilities by learning about MiABLE—Michigan’s savings, investment and spending program for people with disabilities— by attending an upcoming informational webinar.
MiABLE, which stands for Michigan’s Achieving a Better Life Experience program and is overseen by the Department of Treasury, gives people with disabilities the ability to save tax-free for a variety of essential expenses, from housing and healthcare to transportation and assistive technology.
“MiABLE is more than a savings account; it’s a powerful tool for people with disabilities to gain greater control over their financial futures,” said R. Scott de Varona, MiABLE program director. “Whether it’s buying goods and services or saving and investing for future needs, MiABLE provides the means for a better quality of life and greater opportunities for inclusion.”
The next webinar on Wednesday, November 13, from noon to 1 p.m., comes just two weeks before Giving Tuesday on Dec. 3, an annual event aimed at encouraging people to do good things for others and de Varona said “the timing couldn’t be better.”
“We are proud to mark this milestone as we continue to champion financial freedom and accessibility for people with disabilities in Michigan,” de Varona said. “MiABLE opens doors for people with disabilities to achieve greater independence, enrich their lives and participate fully in their communities. I can’t think of a greater good than that.”
Pointing to Giving Tuesday and the holiday season as “a great time to consider the gift of financial empowerment and to spread awareness of MiABLE,” de Varona encouraged family and loved ones to “get in the holiday spirit by helping someone with a disability open an account and open the door wider for access to a more fulfilling life.”
The webinar will showcase how MiABLE’s unique savings program supports financial independence while preserving eligibility for critical government benefits like Social Security and Medicaid. It will provide a step-by-step guide on opening an account, including eligibility requirements and the many ways MiABLE accounts can transform lives by fostering independence and security.
In Michigan and nationally, a $2,000 federal asset limit is imposed on people with disabilities who receive government benefits. Compared with their peers, people with disabilities are twice as likely to live in poverty, less likely to be employed and more likely to be underemployed.
MiABLE allows individuals who became disabled before age 26 and their families to save up to $18,000 annually in various investment options. On top of that limit, beneficiaries who are employed can contribute an amount equal to their current-year gross income, up to another $14,580.
MiABLE also allows family members, guardians, powers of attorney and others to open and manage an account on behalf of a person with a disability. Earnings on MiABLE savings grow tax-free, and no federal or state tax is owed on withdrawals used to pay for qualified disability expenses.
By attending the webinar, Michiganders with disabilities and their families will have the chance to explore the full array of opportunities that MiABLE accounts offer to expand financial freedom. The webinar is part of an ongoing awareness and enrollment campaign that includes a variety of informational platforms available throughout the year.
An estimated 500,000 Michiganders are believed to be eligible to open MiABLE accounts, but only a small portion currently enrolled. The webinar is an opportunity to spread the word about MiABLE’s impact and make a difference for even more families.
Join us to learn how a MiABLE account can be a game-changer for individuals with disabilities and their families by registering for the November webinar.
Visit here for more information or to open a MiABLE account.
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