MEFA is proud to serve as the administrator of the Massachusetts Achieving a Better Life Experience (ABLE) Savings Account Program. The Achieving a Better Life Experience (ABLE) Act, enacted on December 19, 2014, permits the establishment of ABLE Savings Accounts under Section 529A of the Internal Revenue Code. Currently in the development stage, MEFA’s ABLE program will provide a new way of saving for the current and long-term expenses of eligible individuals with disabilities.
ABLE Savings Accounts are advantageous because they:
- Foster and support the health, independence, and quality of life of individuals with disabilities
- Offer various investment options
- Provide federal and state tax benefits
- May be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000)
Sign up to receive updates as we develop the ABLE program.
How It Works
Who is Eligible
Eligible individuals are those entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual turned age 26, or who have filed a disability certification with the ABLE Program as to blindness or disability that occurred before age 26.
Each beneficiary may have only one ABLE account, and the account owner must be the beneficiary. If necessary, a parent or other eligible representative can provide instructions relating to the account.
How To Get Started
We are currently working hard to develop the ABLE Savings Account Program for the Commonwealth of Massachusetts. Please sign up to receive updates and we will keep you informed as we draw closer to the launch of this important program. Though we have highlighted some expected features of this developing program, the actual features will be described in the offering documents for the program once it is open for contributions.