Murt Urges Those with Special Needs to Sign Up for PA ABLE Savings Accounts
10/18/2016
HARRISBURG—Rep. Thomas Murt (R-Montgomery/Philadelphia) reminds those with special needs and their families that they have a new tax-advantaged option for saving for medical costs.

“People with disabilities and their families face many challenges, particularly when trying to create a financially secure future by saving for disability-related expenses,” Murt said. “The new Pennsylvania Achieving a Better Life Experience Act (PA ABLE) provides families with a savings account without jeopardizing eligibility for important programs that their loved ones depend on. This program gives families more independence, greater financial security and a better quality of life without endangering eligibility for programs that are means-tested.”

PA ABLE savings account benefits include the ability to:
• Save up to $14,000 each year.
• Have savings grow tax-free.
• Use account to pay for a wide range of disability-related expenses.
• Make withdrawals exempt from federal and state income tax when used for qualified disability expenses.
• Have accounts exempt from inheritance tax.
• Have ABLE savings excluded from eligibility determinations for Supplemental Security Income benefits (savings up to $100,000), other means-tested federal programs, Medical Assistance, and other state means-tested disability and health benefits.

“This is a very important tax-advantaged savings program that does not endanger eligibility for the means-tested benefit programs critical to the health and well-being of many with disabilities,” Murt said.

Sign up to receive more information at pa529.com/529able/.

Representative Thomas P. Murt
152nd District
Pennsylvania House of Representatives
Media Contact: David Foster
267.207.0207
dfoster@pahousegop.com
RepMurt.com / Facebook.com/RepMurt
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