Governor Bill Lee signed a new law expanding who can qualify for an ABLE TN savings account by raising the age of eligibility from 26 to 46.
Legal Aid Society Attorney Allison Jones said the ABLE TN program helps people with disabilities save for approved expenses without losing benefits. Jones said that with more people now qualifying for the program, she believes the change was positive.
“You know somebody could suffer a traumatic brain injury in a motor vehicle accident in their 30’s, now they can access an ABLE account when they were not able to before,” Jones said.
Jones said the changes now match the federal ABLE program age requirements. Jones said more disabled Tennesseans will now get a chance to live independently.
“You cannot have more than $2,000 in a bank account, for example, and still get SSI (Supplemental Security Income) income,” Jones said. ” So that really doesn’t allow a disabled person to save up money to put down a security deposit and first month’s rent on an apartment, for example. So through the ABLE account, they are able to save up to $100,000 for SSI without jeopardizing that source of account.”
Jones said she is not sure why ABLE Programs have stopped at the age of 46. Jones said there are some other financial programs that older people can access. Jones said there may be some rules and requirements in the program that some people may struggle with, but for the most part, the program does not have many barriers preventing those with disabilities from accessing ABLE accounts.
The new change took effect on January 1. Jones said those who are newly qualified can go online to the Tennessee Treasury’s website for assistance in setting up an account.