Author: Anita Kelley, Enable Savings Plan Alabama Director, Alabama State Treasury
Now that we’ve officially launched the Enable Savings Plan Alabama, it’s time to start thinking about what you will use your account to finance. Will you use your account for everyday expenses, to save for your long-term needs, or both?
Before you answer these questions, let us refresh your memory on what the Enable Savings Plan Alabama can be used to pay for.
As determined by the Achieving a Better Life Experience Act (ABLE Act), Enable AL accounts can be used to pay for any expenses related to the blindness or disability of the individual with a disability including:
- Employment training and support
- Assistive technology and personal support services
- Prevention and wellness
- Financial management and administrative services
- Legal fees
- Expenses for oversight and monitoring
- Funeral and burial expenses
- Other expenses identified in the final federal rules
If the money in your account is used for one of these qualified disability expenses, earnings and withdrawals are tax-deferred and tax-free.
Questions? Feel free to contact us for more information on Enable Savings Plan Alabama eligibility, qualified disability expenses, and more. Our team is happy to assist you in your savings venture! Email email@example.com or call us at 1-866-833-7949.