In just four years, more than 10,000 Americans with disabilities have opened an ABLEnow account.
These customers, representing all 50 states, have collectively contributed close to $75 million to their accounts – building assets for today’s needs and investing for tomorrow. For many, this is the first time they’ve been able to save money without impacting their eligibility for certain public benefits that provide income, health care, food and housing assistance.
“Most people take the ability to save for granted,” said Mary Morris, CEO of Virginia529, the independent Virginia state agency that administers the national ABLEnow program. “Before ABLEnow launched in 2016, people living with a disability had to choose between having assets and preserving essential benefits. ABLEnow accounts are a complete game changer. ABLEnow can help ease the financial strain that many individuals with disabilities and their families often face.”
During 2020, ABLEnow introduced valuable enhancements to help customers manage their accounts and improve their financial footing. These updates are available to all ABLEnow customers at no additional cost:
- ABLEnow Mobile App – The first mobile app offered by an ABLE program, the ABLEnow mobile app provides a convenient way to access and manage an ABLEnow account from an iOS or Android device.
- ABLEnow Mobile Wallet – Now, customers can pay for qualified disability expenses with their phone by adding their ABLEnow Card to their mobile wallet.
- Improved Enrollment Experience – This year, ABLEnow made it easier to open and fund an account. ABLE-eligible individuals who require the assistance of a trusted service provider can open an ABLEnow account with help from a care representative. In addition, an application enhancement provides many new customers with the convenient option to add funds at enrollment so they can immediately start their savings.
ABLEnow accounts also played an important role in 2020 when many ABLE-eligible individuals saved all or a portion of their federal CARES Act economic impact payment in their ABLEnow account. Account contributions can come from any source, including gifts from family and friends. With ABLEnow, eligible individuals with disabilities can safeguard funds without impacting most means-tested benefits such as Medicaid and Supplemental Security Income (SSI).
Millions of eligible Americans with disabilities have not yet opened an ABLE account, and may not even know about this important financial tool. ABLEnow offers virtual opportunities to learn about ABLE accounts. Register for an upcoming webinar or invite ABLEnow to present to a group through video conference capabilities.