Achieving a Better Life Experience (ABLE)
The Nevada State Treasurer's Office Nevada’s ABLE (“Achieving a Better Life Experience”) Act program has launched, and my office is very excited to bring this opportunity to Nevada families. We look forward to working with the Aging and Disability Services Division of the Nevada Department of Health and Human Services to help those assisting their loved ones by administering a program to invest their money for disability-related expenses in a tax-advantaged way to save and accumulate assets. The increased value of these assets (subject to certain limitations) will be exempt from the means-tested Medicaid or Supplemental Security Income programs.
The ABLE Act allows eligible Nevadans with disabilities to create a special savings account for many personal expenses aimed at making their lives easier. Family members and friends can also contribute to the account. On December 19, 2014, the ABLE Act was passed by a majority in Congress while the Nevada Legislature passed SB 419 to authorize the State Treasurer’s Office to implement the Nevada’s ABLE Program. The Aging and Disability Services Division will be responsible for education and outreach.
For more information regarding the ABLE Act, please head to http://nv.savewithable.com.