Gift certificates can be a convenient and appreciated way to celebrate and mark a special occasion. But until recently, it has been difficult to give gift certificates to individuals with special needs for fear of compromising their SSI, Medicaid or other governmental programs. However, using a Gift of Independence Card, we can now place funds directly into a person’s ABLE Account. The cards are offered in denominations from $25 to $200. There is no expiration date for redeeming the funds.
ABLE Accounts are a relatively new and growing savings tool for people who experienced disabilities before age 26. “ABLE” stands for the Achieving a Better Life Experience Act, which Congress enacted in 2014 and patterned after college savings (“529”) accounts. Funds deposited in ABLE accounts can be used for a wide range of disability related expenses, including expenses related to education, housing, transportation, employment training and support, without compromising most government benefits such as HUD, SSI, or Medicaid.
To learn more about ABLE accounts and whether they are an appropriate option for you or a loved one, contact your special needs planner.
For more information on the Gift of Independence Card click here: http://www.ablenrc.org/news/giving-and-receiving-gift-independence-gift-cards
