If you’re close to someone with a developmental disability, you might be familiar with the ABLE Act of 2014, which allows people with disabilities and their families to set up a special, tax-free savings account for disability-related expenses. ABLE accounts are important for individuals with developmental disabilities and their families to be able to plan for their future needs, both in the short and long term. This year, the ABLE Act was amended to increase the limit of funds people can put into their ABLE accounts.
Even though the ABLE Act was passed into law in 2014, ABLE accounts were not available for Massachusetts residents until 2017. When the ABLE savings plan was launched in the Commonwealth, it was called Attainable. The Massachusetts Educational Financing Authority (MEFA) serves as the Commonwealth’s sponsor of Attainable, providing information about the program and helping Massachusetts residents with their accounts.
In August, our Developmental Disabilities Program (DDP) hosted a training with MEFA about Attainable accounts for the families with whom DDP works. The training included information on how Attainable accounts work, what their benefits are and who is eligible to have one. This is the first Attainable account training we’ve held, and we plan to hold these trainings once a year.
DDP is pleased that we were able to offer information about this valuable resource to our families and we thank MEFA for working with us!