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Read. Follow. Verify.Senate Hearing on Expanding Disability Savings Accounts
Record date · January 1, 2021
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What This Bill Does
The Senate Special Committee on Aging held a hearing to discuss financial challenges for people with disabilities and the impact of s. The committee specifically reviewed the proposed ABLE Age Adjustment Act, which aims to expand eligibility for these savings accounts to individuals who acquired their disability after age 26.
The proposed ABLE Age Adjustment Act would allow an estimated 6 million additional Americans with disabilities to open tax-advantaged savings accounts without jeopardizing their eligibility for federal benefits like Medicaid or Supplemental Security Income.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
People with disabilities
The proposed legislation would expand their ability to save money in tax-advantaged accounts without losing federal disability benefits.
Veterans
Over 1 million veterans who acquired disabilities after age 26 would become eligible to open ABLE accounts under the proposed bill.
Key Facts
- As of July 2021, over 91,000 people have opened ABLE accounts across 43 states.
- Total savings in ABLE accounts have reached over $759 million, with an average of $8,300 per account.
- Current law restricts ABLE account eligibility to individuals who acquired their disability before age 26.
- The ABLE Age Adjustment Act (S. 331 / H.R. 1219) proposes expanding eligibility to include individuals who acquire disabilities after age 26.
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- The proposed expansion would make approximately 6 million additional Americans eligible for ABLE accounts.
- In Pennsylvania, over 5,200 people have used ABLE accounts to save over $57 million.
- People with disabilities are statistically less likely to be employed and have lower lifetime earnings compared to those without disabilities.
Frequently Asked Questions
What is an ABLE account?
Who is currently eligible for an ABLE account?
What would the ABLE Age Adjustment Act change?
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News Coverage
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Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Expansion of Disability Savings
The committee is actively pushing to move the eligibility threshold for disability savings accounts from age 26 to 46 to include a broader demographic, specifically veterans.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance75How much this matters to a regular citizen
- Controversy10Intensity of disagreement among stakeholders
- Entertainment5Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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