Transforming Lives: How AZ ABLE Savings Accounts Empower Individuals with Disabilities

Saving money can be a challenge for anyone, but for individuals with disabilities, it often comes with extra hurdles. Expenses related to healthcare, assistive devices, and daily living support can quickly add up. Fortunately, Arizona offers a powerful tool to help people with disabilities build financial security and improve their quality of life: the AZ ABLE savings account program. This program allows eligible individuals to save money without risking their access to essential public benefits. Thanks to Governor Katie Hobbs’ commitment to including the rare disease community, AZ ABLE is opening new doors for many Arizonans.

AZ ABLE savings account webpage on laptop

AZ ABLE savings accounts provide a practical way for individuals with disabilities to save money for health and independence.

What is AZ ABLE and Who Can Benefit?

AZ ABLE stands for Arizona Achieving a Better Life Experience. It is part of a nationwide effort to help people with disabilities save money in a tax-advantaged account. The program is designed for individuals who developed their disability before age 26. This includes people with physical disabilities, intellectual disabilities, and rare diseases.

The key benefit of AZ ABLE accounts is that the money saved does not count against limits for government benefits like Medicaid and Supplemental Security Income (SSI). This means individuals can save for important expenses without losing access to vital healthcare and support services.

How AZ ABLE Accounts Improve Financial Security

Many people with disabilities face strict asset limits to qualify for public benefits. Even a few thousand dollars in savings can disqualify them from receiving help. AZ ABLE accounts solve this problem by allowing up to $20,000 per year in contributions that do not affect eligibility for benefits.

Funds in an AZ ABLE account can be used for a wide range of qualified expenses, including:

• Medical and dental care

• Education and job training

• Housing and transportation

• Assistive technology and personal support services

• Health and wellness programs

  
  

By saving in an AZ ABLE account, individuals can plan for future needs, emergencies, or opportunities that improve their independence.

The Impact on Health and Independence

Saving money through AZ ABLE accounts directly supports better health outcomes and greater independence. For example, a person with a mobility impairment might save to purchase a customized wheelchair or home modifications. Someone with a rare disease could save for specialized therapies or equipment not fully covered by insurance.

These accounts also help reduce financial stress, which can improve mental health. Knowing there is a dedicated fund for unexpected expenses or personal goals gives individuals and their families peace of mind.

How Governor Katie Hobbs’ Support Makes a Difference

Governor Katie Hobbs has been a strong advocate for expanding access to programs that support people with disabilities. Her inclusion of the rare disease community in AZ ABLE eligibility criteria ensures that more Arizonans can benefit from this savings opportunity.

This leadership highlights the importance of recognizing diverse needs within the disability community and creating inclusive policies. It also encourages other states to follow suit in broadening access to ABLE programs.