INDIANAPOLIS (WISH) — Hoosiers with disabilities now have a way to save money without fear of losing benefits.
On Thursday, Indiana State Treasurer Kelly Mitchell announced INvestABLE Indiana. “It’s going to allow people with disabilities to save for things that they haven’t been able to save for — for a car, a house, maybe just adaptive technology,” Mitchell said.
Prior to the announcement, people with disabilities who had more than $2,000 in their personal savings accounts were in danger of losing government benefits. As of Thursday, they can use the state plan to add up to $14,000 a year to their savings accounts, and keep up to $100,000 in total.
In order to qualify, a person must have the onset of disability before the age of 26. They must also be receiving Social Security benefits.
Carole Guess was at Thursday’s announcement. Her son, Evan, has Down syndrome. She said they can’t wait to take advantage of this new plan.
“It’s just another tool in our toolbox,” Guess said. “This is something else that we want to take advantage of. We fought hard to get it. We want to make sure that we take advantage of it as parents.”
The plan started Thursday, but Mitchell will travel the state next month to let people know about it. She’ll visit Evansville at the ARC on August 11, the Will Center in Terre Haute on August 15 and Turnstone Center in Fort Wayne on August 30.
To learn more about the program, click here.