Indiana Treasurer Kelly Mitchell and other state officials aim to raise awareness of a disability investment savings program. The state has successfully sign 131 people up for the state program, and it hopes to increase that number.
State lawmakers launched INvestABLE last year. It helps people with disabilities build financial independence.
The program helps them create larger savings accounts and keep full federal benefits. Outside of this program, Hoosiers with disabilities can only save $2,000 without penalty. In the program, they can save up to $15,000 per year, and most have a cap at $100,000.
Mitchell says the program promotes financial independence.
“You know, something that we take for granted, that we could save for, hasn’t been available to a lot of people living life with disabilities,” Mitchell says.
Indiana ABLE Authority Executive Director Amy Corbin says this helps build financial security for people with disabilities.
“It’s another tool in their toolbox, and it’s something that’s been needed for a very long time,” Corbin says.
Money in the savings account is for expenses related to a person’s disability, which is intentionally broad, and could cover anything from rent and housing modifications to transportation services like Uber.
Correction: The original version of this story mistakenly stated the savings cap for participants in the INvestABLE program is $15,000 per month. The cap is $15,000 per year.