Did you know that eligible individuals with disabilities can save for qualified disability-related expenses in a tax-advantaged account with the Attainable® Savings Plan? MEFA’s Associate Director of College Planning and Content Creation Jonathan Hughes explains how the plan works, how much individuals can save, and what expenses the plan can be used for. For more information on Attainable®, visit our Attainable® Savings Plan page.
Please note that this transcript was auto-generated. We apologize for any minor errors in spelling or grammar.
[00:00:00] Hi everyone. Jonathan here from MEFA and I wanna take a minute to tell you about Attainable the Able Savings Plan.
This is a tax exempt savings plan specifically designed for individuals with disabilities. Anyone can open an attainable account if that person has a significant disability that occurred before their 26th birthday if the account owner is a minor or someone unable to manage the account themselves. You can set up the attainable account with a person with Signature Authority or PSA to help manage it for the account owner.
Earnings in the account grow federal income tax free. If used for qualified disability expenses. There are a number of different investment options. The investments are managed by Fidelity Investments, which means if you’re not sure how to invest, there are experts available to help you. Once you’re ready to use the money you’ve invested, you can spend the funds on qualified disability expenses, including education.
Housing, transportation, employment, training and support, assistive [00:01:00] technology, personal support services, health and basic living expenses such as food and clothing. Perhaps most importantly, if you receive SSI benefits, you can save up to $100,000 in an attainable account without impacting these benefits.
Also, money in an attainable account does not impact Medicaid benefits. Fits. So if you think someone in your life could benefit from the attainable savings plan, please call 8 4 4 4 5 8 2 2 5 3 or visit fidelity.com/able for more information and to open an account.