Governor Pat McCrory signed the “Achieving a Better Life Experience” Act Tuesday. The ABLE Act raises the ceiling on how much money people with disabilities can save before losing government benefits like Social Security and Medicaid.
The new limit is $100,000, a significant jump from the previous limit of $2,000.
The law also allows parents of children with disabilities to save for future care in a special investment account.
Mark Steele is executive director of The Adaptables, an advocacy organization in Winston-Salem. He says the law will give people with disabilities a little more freedom to live their lives.
“It should make a big difference in people's lives as far as getting out and going to work, establishing a ‘real life' for themselves,” Steele said. “[These are] things that people who do not have disabilities may take for granted.”
As of 2013, the employment rate for people with disabilities in North Carolina was about 31 percent, according to the American Community Survey.
North Carolina is the 30th to enact state legislation like this, which is a response to a federal law calling on each state to establish ABLE accounts.
In a statement, North Carolina U.S. Senator Richard Burr applauded the state for adopting the regulations.
“ABLE accounts are a vital tool for families to ensure their loved ones get the support, services and opportunities to lead a full and productive life,” Burr said.
The senator championed the federal legislation, which took effect in December.
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