One of, if not the biggest, legislation since the 1990 Americans With Disabilities Act is soon expected to sweep the Senate. The new act is called, “Achieving a Better Life Experience Act”, and it will allow Americans with disabling conditions to open a tax-free savings account. This account will be used to fund long-term expenses incurred in relation to the disability.
Families will be able to deposit up to $14,000 of after tax dollars per year into the fund, which will grow tax free. This plan is similar to the tax-free college savings accounts in place now, but the difference is that this fund can be used for any medical in addition to educational expense.
In addition, the fund can grow to as much as $100,000 before it would jeopardize Social Security eligibility. Currently, this limit is set at only $2000.
To learn more please visit: http://abcnews.go.com/Health/wireStory/advocates-urge-swift-senate-vote-disability-aid-27356598