ALBANY, N.Y. (AP) — New York has a new savings plan for disabled people that allows them to put away money without jeopardizing their eligibility for benefits.
State Comptroller Thomas DiNapoli said Thursday the NY ABLE program allows disabled people to save up to $100,000 without risking the loss of benefits like Supplemental Security Income or Medicaid. The program administered by his office is modeled after the popular 529 College Savings Program.
Earnings and distributions from NY ABLE accounts are tax free provided the money is used for qualified disability expenses like education, transportation or housing.
Officials said program contributions, which are not tax-deductible, can help disabled people plan for their future and remain financially secure.
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The accounts can be opened with a minimum contribution of $25 by eligible individuals, family members or friends.