NC ABLE celebrates successful first year
(Raleigh, N.C.) – Since its launch in January 2017, the NC ABLE Program has grown to hold more than $1 million in assets for hundreds of children and adults with disabilities who are now saving on their own without fear of losing the critical services they need for daily life.
NC ABLE accounts provide people with disabilities and their families the opportunity to save and invest in tax-advantaged accounts to help meet today's expenses and invest for their long-term goals.
“NC ABLE accounts can make a profound and lasting impact on citizens with disabilities for generations to come," said North Carolina State Treasurer Dale R. Folwell, CPA, who chairs the NC ABLE Program Board of Trustees. “Working with disability advocates across North Carolina and the U.S., we have had a very successful inaugural year and we remain dedicated to providing a first-class NC ABLE program with high-quality, low-cost features."
Under federal law, NC ABLE account balances of $100,000 or less are excluded when determining eligibility for most federal and state support programs such as Medicaid and Supplemental Security Income. The legislation that made NC ABLE possible was sponsored by U.S. Senator Richard Burr of North Carolina.
“I'm incredibly proud to see such a successful launch of North Carolina's ABLE Program at the one year mark," said U.S. Senator Richard Burr. “These accounts are critical for thousands of families in North Carolina, allowing them to save for a child with a disability's future without losing important benefits. As the original sponsor of this legislation at the federal level, this is the future for the ABLE Act that I envisioned."
Ben Wright, a member of the NC ABLE Program Board of Trustees, and his wife Amy Wright, who was named CNN's Hero of the Year for her work with people with disabilities, set up NC ABLE accounts for their children as soon as the program launched.
"ABLE accounts are so revolutionary, we wanted to jump on board first – and we did," said Ben Wright. "On day one, we opened the first NC ABLE accounts by enrolling our children Bitty & Beau, who now can save on their own just like the rest of us".
After just one year individual balances in NC ABLE accounts have reached an average of $4,000 – double the typical limit of $2,000.
“That may seem like a small number but it shows the tremendous power of NC ABLE. In the past, people with disabilities would have been cut off from needed supports as soon as they saved one dollar over $2,000," said NC ABLE Program Board of Trustees member Melinda Plue, guardian of her brother-in-law, Jake. “With NC ABLE, people with disabilities can finally save on their own."
North Carolina keeps participant costs competitive by taking part in the National ABLE Alliance along with 15 other states and the District of Columbia. Accounts can be opened online with as little as $25.To learn more or enroll, visit NC.SaveWithABLE.com or call 888-627-7503.