Kansans with disabilities now have the option to open a checking account with a debit card to use for living expenses such as education, medical, and housing without affecting their government benefits.
Under the ABLE Savings Program, Kansans with disabilities have been able to choose between six different tax-advantaged investment options since January. Beginning today, the program also offers a new banking product similar in the form of a checking account.
Kansas ABLE Savings Program will now offer a new FDIC-Insured checking option in addition to the six previously available investment options.
The accounts are offered through the ABLE banking partner, Fifth Third Bank. Key benefits of these accounts include:
Congress passed ABLE into law in 2014, and the Kansas legislature approved passage in 2015. Under the law, people with disabilities and their families can set aside up to $14,000 a year in special accounts without affecting their eligibility for Supplemental Security Income, Medicaid or other government programs.
“The Kansas ABLE Savings program has hit another major benchmark,” Tom Treacy, Director of the Kansas ABLE Savings Program said. “The new Kansas ABLE checking accounts will make paying for qualified everyday expenses safe and easy, and continue to empower individuals with disabilities to gain financial independence and save the money they earn.”
Signing up for ABLE is quick and easy at ks.savewithable.com.