Author: Diane Stewart, Enable Outreach Specialist
More than ever, this year has emphasized what truly matters: family, friends and community support. As we kick off the holiday season, your loved ones may be in search of a gift that communicates how deeply they care for their friends and family with disabilities.
If you are reading this, you may already be familiar with some of the fantastic ways that the Enable Savings Plan Alabama helps enhance the lives of individuals in our community. Use this blog to learn more about the benefits of Enable Alabama, and why the gift of financial independence is truly one of the best gifts of all.
Enable Alabama 101: The Path to Financial Independence
Enable Alabama is a tax-advantaged savings plan designed to help make saving simple and affordable for individuals with disabilities. Account Owners can use funds saved in their Enable Alabama account for a variety of disability-related expenses, from medical expenses to education, service animals, housing, transportation, financial management and administrative services, basic living expenses and more. You can explore the full list of qualifying expenses here.
Why save with Enable Alabama, rather than a standard savings or checking account? First and foremost, Enable Alabama savings do not interfere with existing benefits. Assets in an Enable Alabama account are an excluded resource for Medicaid. Balances of up to $100,000 will be disregarded for purposes of determining eligibility to receive benefits under the Supplemental Security Income program.
How to Give the Gift of Financial Independence
Gifting an Enable Alabama contribution is quick and easy. Through Ugift, every Enable Alabama account is assigned a unique code that can be used to make contributions with a check or electronic transfer. Unlike many other gifting programs, gift givers do not have to join, register or pay a service fee, and they don’t need any additional information about the account.
Another option is to use a gift certificate contribution. With this method, simply fill out and mail a contribution coupon to Enable Alabama, and download and print a card to give for the occasion. Find the gifting option that is best for you at www.enableal.com/home/basics/gift.html.
What if my loved one does not have an Enable Alabama account?
Awareness of 529 A accounts is still low. According to the National Association of State Treasurers, only about 5% of eligible individuals take advantage of ABLE accounts.If your loved one has a disability and has not yet heard of the Enable Savings Plan Alabama, one of the most impactful gifts that you can make this season is to help them get started at www.enableal.com.