New Savings Plan Available To New Yorkers With Disabilities
Are you disabled and need money to pay for medical expenses? Do you live in New York and qualify for Social Security Disability benefits? If so, you may be able to take advantage of a new savings plan. Medical bills can be costly, especially if you have a long-term disability. Paying for these expenses can be impossible, even if you receive disability benefits. The NY ABLE Program allows you to save up for these expenses without compromising your benefits.
Disabled New Yorkers should take advantage of any benefits they qualify for. Read on to learn more about this program and whether or not you qualify.
How the Program Works
The New York Achieving a Better Life Experience (NY ABLE) Program was signed into law in December 2015. It encourages those with disabilities to save up funds to help pay for medical expenses. It allows individuals to supplement the benefits they receive through SSI, SSDI, Medicaid and private insurance. The savings do not affect benefit eligibility. If you use the money to pay for medical expenses, you will not have to pay any taxes on it.
Not every disabled person in the state can qualify, though. You must have had your disability before age 26 and it must be documented by a physician. In addition, you must be eligible for Social Security benefits.
If you are not entitled to benefits, you may still be eligible. You must have a written diagnosis from a physician stating that you have a physical or mental impairment that is expected to last for one year or longer or result in death. In order to be eligible, you may also be classified as blind or have a disability that’s included on the List of Compassionate Allowances Conditions from the Social Security Administration.
The savings account can be opened by the disabled person, the person’s parent or guardian, or someone who is granted power of attorney over the person. The account owner can also receive a debit card or checking account. Only one account is allowed per person. Anyone can contribute to the account.
The annual contribution limit is $14,000. The account limit is $100,000. The account offers various investment offers, from conservative to aggressive.
Qualified disability expenses include those related to health, housing, education, transportation, job training, personal support services, legal fees, financial management, and funeral and burial fees.
Learn More About Social Security Disability Benefits
If you’re suffering from a disability, don’t be afraid to ask for help. You’ll find that you have financial resources available. Social Security Disability benefits and the new NY ABLE Program are resources that can help you pay for medical expenses.
If you struggle with a physical or mental condition that makes it difficult for you to hold down a job, it’s time for you to learn about your eligibility for Social Security Disability benefits. Get help from the Law Office of Michael Lawrence Varon. He has more than two decades of experience handling Social Security Disability claims and can assist you. Contact his office at (914) 294-2145 to schedule a complimentary consultation.