COPA joined New York State Comptroller Thomas P. DiNapoli yesterday to announce the New York Achieving a Better Life Experience (NY ABLE) program which is designed to help individuals with disabilities maintain their health, independence and quality of life. Assemblywoman Aileen M. Gunther, parents, COPA representatives, Winifred Schiff and Barbara Crosier, and other association representatives joined Comptroller DiNapoli to discuss the NY ABLE program at the Albany news conference. Photo and press release are attached.
The allows New York State residents with disabilities to save money for their disability-related expenses without the risk of losing benefits from assistance programs like Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI) and Medicaid.
NY ABLE also provides tax advantages. Earnings on accounts can grow tax-free if funds are used for qualified disability expenses when withdrawn. Investment options can provide short-term or long-term savings based on the account owner's objectives, and a checking account and debit card can be used for convenient access to funds as needed.
To be eligible, an individual must be a New York State resident with a disability that was present before age 26 AND:
- be eligible for SSI or SSDI; OR
- be classified as blind; OR
- have a significant disability documented by a physician; OR
- have a disability that is included on the Social Security Administration’s Compassionate Allowances List.
One account per individual is permitted. Anyone can contribute to an individual's NY ABLE account. The maximum net contribution is $14,000 per year and the maximum account balance is $100,000.
For more information, including details regarding the terms and conditions of the NY ABLE program, go to mynyable.org or call our toll-free number (1-855-5NY-ABLE) weekdays from 8 AM to 8 PM.
We appreciate your assistance in getting the word out about this important, new program.
Please contact your COPA team for further information or questions.
Barbara, Wini & JR
Winifred Schiff, Associate Executive Director for Legislative Affairs
InterAgency Council of Developmental Disabilities Agencies, Inc.
150 West 30th Street 15th floor, New York, NY 10001
Office - 212-645-6360
Cell - 917-750-1497