CalABLE is a tax-advantaged savings program for people with disabilities.
A CalAble account allows anyone who became disabled before age 26 to save up to $15,000 a year without having that money count against the $2,000 asset limit for means-tested programs like SSI and Medicaid.
In the last year we have been busy in Sacramento creating and pushing thru bills to help people with disabilities to have a CalAble account, to also save for their future. We have gotten bills passed so Medi-cal cannot recover funds from the account. Also passed was a bill that the CalABLE accounts are a federal program, so everyone in the United States who is eligible can access to this program, which make a larger pool, which in turn lowers the admin fees. Now we are working on a bill that makes it easy for a person to make tax deductible donations into the account.
Right now the CalABLE account has a limit of $100,000, so we would like to see this limit raised, or that you are allowed to have multiple CalABLE accounts.
Currently the CalAble Team is working with vendors to work out who will run and administer this program for California. This provides people with disabilities the foundation to save money for their future, and medical expenses.
If you have any questions, please contact the CalABLE Staff at email@example.com