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ABLE Accounts Now Available To South Dakotans





FOR IMMEDIATE RELEASE: July 12, 2016

Contact: Dan Hoblick, Department of Human Services, 605-773-6463

 

 

ABLE Accounts Now Available To South Dakotans

 

 

PIERRE, S.D. – As of July 1, South Dakota individuals with disabilities may now contribute to an Achieving a Better Life Experience (ABLE) account. 

 

With the new law in effect, individuals with disabilities that occurred before the age of 26 and their families may be able to contribute up to $14,000 per year ($100,000 maximum account balance) to a tax-exempt ABLE account without affecting the individual’s eligibility for state and federal benefits.

 

Department of Human Services Cabinet Secretary Gloria Pearson said, “These accounts will help families that have children with disabilities pay for the myriad of additional expenses and services that people with disabilities experience.”

 

The funds can be used for certain disability-related expenses like education, assistive technology, personal support services, housing, health care and transportation.

 

Beneficiaries may choose from a variety of investment options. Participants can withdraw and spend money as needed for qualified expenses.

 

The State of South Dakota does not offer its own ABLE program, but several states are expected to sponsor programs open to residents of South Dakota and other states.

 

Links to ABLE Programs that offer enrollment to qualified South Dakota individuals with disabilities can be found at http://sdic.sd.gov/ABLE.aspx.

 

ABLE accounts are made possible by the Federal ABLE Act passed by Congress in 2014.

 

 

About DHS

 

The South Dakota Department of Human Services’ mission is to enhance the quality of life of people with disabilities, in partnership with its stakeholders, through the programs and services offered by its divisions. Learn more by visiting the department’s website, dhs.sd.gov.