Should You Establish an ABLE Account? Understanding the Positives and Negatives

If you, or a family member, has a long-term disability, you have the ability to establish a tax-free savings account that can be accessed to pay for certain expenses without harming your ability to qualify for Medicaid and other means-tested government programs. This option was made available through the Achieving a Better Life Experience (ABLE) Act. Below is a list of some positives and negatives associated with ABLE accounts: Positives Associated with ABLE Accounts You can set up your own account with your own funds instead of relying on a parent or loved one to establish a first-party special needs trust. You can...

16 October

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How the Affordable Care Act Affects Special Needs Planning

Posted by KarenLewis

in Current Events

The Patient Protection and Affordable Care Act, also known as the Affordable Care Act or “Obamacare”, was designed with the objective of increasing insurance coverage for all American citizens, including those with disabilities. The health care law includes a mandate to insurance companies that they cover all applicants and offer the same premium rates for applicants, regardless of pre-existing conditions. This is a dramatic reform for families with special needs children. Why? Because prior to the passage of the Affordable Care Act, the only viable health insurance option for their loved one with a special need was Medicaid. The cost...