Source: http://oregonablesavings.com/
Key Points: For many years it was nearly impossible for a person with disabilities to save money for their future without risking the loss of his/her social security or any type of financial support. Now with Oregon's Able Savings Plan it is a possibility. The Stephen Beck Jr. Achieving a Better Life Experience ( ABLE ) Act was passed by congress in December of 2014. With this act being put into place eligible people with disabilities are now able to save tax-free without fear of losing benefits.
The webpage goes over how it works, eligibility, benefits, qualified expenses, and also FAQs.
Audience: Anyone who has a disability, works with someone who has a disability, or is related to someone with a disability.
Relevance: It was covered in detail within our Transition course that people with disabilities and their families need to start planning for the future when it comes to financial needs. These financial needs impact all of the important aspects of a person's life who has a disability such as; health coverage and medications, services needed for independence, and even complete independence itself for those individuals. Knowing about this resource is vital to us as future special educators in order to provide information to our students and their families that could change their lives and future for the better!
Great post! I just started working in a transition program. Money management is a daily topic of discussion and activity in our class. I will suggest incoporating this website into our discussions. Personally, I am a terrible money manager, I can only imagine how difficult it would be for a person with limited income and a disability. It is nice to see progress in the law, allowing for this type of a savings plan to exist.
ReplyDeleteThanks for posting this article! Planning ahead should be a priority and I appreciate this plan a ton. Students learning to manage money can be hard when they are having a hard time saving at all. Without the context of actually experiencing the act of saving, it can be hard to see the relevance in learning at all. But, when a person has the ability to accumulate money over time, preparing for their future can be a lot less daunting and less stressful.
ReplyDeleteThis is an awesome resource! Money management is a difficult task for individuals with a steady income, I could not imagine the added stress someone with limited income or a disability has. This is especially helpful for young adults planning on living independently from their families, individuals whom may need to save up in case of a medical emergency, or for families looking for a secure future of their child. I think transition programs should try and incorporate a review of the website and make it known to their students and families.
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