When a family member or other loved one has a significant disability caring for their needs and planning for their future can be challenging. If you’re loved one has a disability which prevents them from being able to work or adequately care for themselves it is likely they will require assistance from government programs. However, qualifying for these programs usually means that the recipient cannot have substantial income or assets to supplement their care. The good news for Michigan residents is that there is an option which can help provide support in this situation.
A Michigan Achieving a Better Life Experience (MiABLE)
A Michigan Achieving a Better Life Experience (MiABLE) is a tax-free savings account which can be opened for an individual with severe disabilities and used to pay for their qualifying daily living expenses. What this means is that the account funds can be used to pay for the account holder’s ordinary expenses. These eligible costs may be related to their employment, education, housing, transportation, healthcare, financial management, personal support services, and some other IRS-approved expenses.
Benefits of MiABLE Accounts
The primary advantage of a MiABLE account is that the account holder can save money while still qualifying for public benefit programs. Further, these funds can be used to meet the person’s immediate and future needs. A MiABLE account holder can add $14,000.00 per year to the account and save up to $100,000.00 without losing their qualifications for SSI and Medicaid as well as other assistance programs.
Qualifying for a MiABLE Account
A person seeking to qualify for a MiABLE account must be an individual with substantial disabilities who became disabled on or before their 26th birthday and is eligible to receive Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), or has been diagnosed by a qualified physician with a physical or mental disability resulting in marked and severe functional limitations that is expected to last no less than 12 months.
MiABLE accounts can be an essential resource for planning for someone who has special needs. These accounts can serve to supplement your loved one’s immediate and future necessities without interfering with their ability qualify for critical governmental services.
We understand the challenges which come with preparing for the future of a person who has a disability. Our office can provide advice to help you navigate the decisions related to planning for your loved one’s future. Please contact us online or by phone if we may be of assistance.