Philadelphia, PA – Following a bipartisan vote in the House of Representatives, U.S. Senator Bob Casey (D-PA) called on the Senate to take up and pass the Achieving a Better Life Experience (ABLE) Act that will allow families who have a child with a disability to save for their long-term care through 529-style savings accounts. Casey was joined by Philly-area advocates and one of the nation’s leading advocates for the ABLE Act – Scranton native Sara Wolff. Casey has led the Senate effort on the bill that now has 77 Senate cosponsors and stands on the brink of passage. The bill, which has been called “the broadest legislation to help the disabled in nearly a quarter-century,” could be taken up by the Senate in the coming days.
“The House’s overwhelming vote in favor of the ABLE Act was a major step forward that I believe will propel the bill to pass the Senate this week,” Senator Casey said. “This legislation will help countless families save for the long term care of their loved ones with disabilities.”
The legislation would amend Section 529 of the Internal Revenue Service Code to allow use of tax-free savings accounts for individuals with disabilities. The bill, first introduced in 2006, would ease financial strains faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, medical, and transportation. The bill would supplement, but not supplant, benefits provided through private insurance, the Medicaid program, the beneficiary’s employment, and other sources.