Andrus Law Firm, P.L.C. Highlights the Benefits of the MiABLE Program for Michigan Residents with Disabilities

Many Michigan residents with disabilities are missing out on a vital financial tool that could significantly enhance their quality of life. The MiABLE program allows individuals with disabilities to save money without jeopardizing their eligibility for essential benefits such as Medicaid and Supplemental Security Income (SSI). Despite its immense benefits, awareness and participation in the MiABLE program remain low. At Andrus Law Firm, P.L.C., we are dedicated to informing our clients and the community about this valuable resource and assisting them in navigating the complexities of the program.

Understanding the MiABLE Program: The MiABLE (Michigan Achieving a Better Life Experience) program is a tax-advantaged savings plan designed to help individuals with disabilities save for disability-related expenses. Similar to a 529 college savings account, MiABLE accounts offer the ability to save and invest funds that can be used throughout the individual's lifetime. Importantly, the funds saved in a MiABLE account do not affect eligibility for critical benefits such as Medicaid or SSI.

Eligibility for MiABLE:

• Disability Onset: To be eligible, the onset of the disability must have occurred before the age of 26. Starting in 2026, the eligibility age will increase to before the age of 46, expanding access to the program

• Verification: Individuals receiving SSI or SSDI are automatically eligible. Others must meet Social Security’s definition of significant functional limitations and obtain a letter of certification from a licensed physician​

Key Features of MiABLE:

• Annual Contribution Limit: Individuals can save up to $18,000 per year. Contributions can come from the account owner or from friends, family, and other third parties 

• Benefit Security: Saving through MiABLE does not impact eligibility for federal benefits like Medicaid or SSI, addressing the common fear among disabled individuals of losing support due to having "too much" money.

• Flexible Use: Funds accumulated in MiABLE accounts can be used for a wide range of disability-related expenses, providing financial flexibility and security. Funds in an ABLE account can be used for qualified disability expenses (QDE’s). These include expenses for items or services needed to maintain or improve health, independence and quality of life. QDE’s include:  

  
  

  • Education

  • Health, prevention and wellness

  • Housing

  • Food

  • Transportation

  • Legal fees

  • Administrative services

  • Financial management

  • Employment training and support

  • Assistive technology

  • Personal support services

  • Oversight and monitoring

  • Funeral and burial expenses

• Work Contributions: An account owner who works and does not participate in an employer-sponsored retirement plan can contribute additional earnings up to $14,580 annually. This limit is higher for residents of Alaska ($18,210) and Hawaii ($16,770)​ 

• Resource Exemptions: Up to $100,000 in MiABLE savings is disregarded for SSI resource limits, and any amount up to the plan limit (ranging from $235,000 to $596,925 depending on the state) will not affect eligibility for other federal benefits​ 

Challenges and Misconceptions

Despite the advantages offered by MiABLE, enrollment remains low, with only about 1% of the eligible 500-600,000 Michigan residents participating. This low uptake is largely due to misconceptions and lack of awareness:

• Asset Limit Confusion: Many potential beneficiaries are wary of exceeding the federal asset threshold of $2,000, fearing they might lose their benefits.

• Financial Insecurity: There is a pervasive belief within the disabled community that saving money could lead to penalties or loss of necessary support services, perpetuating a cycle of financial insecurity.

How Andrus Law Firm, P.L.C. Can Help

At Andrus Law Firm, P.L.C., we strive to educate and assist our clients in navigating the complexities of programs like MiABLE.

ABLE Checking Accounts are ONLY available at Fifth Third Bank for residents of Michigan.

For more information about MiABLE Disability Savings Program (the "Member Plan"), call 844.656.7225, or visit mi.savewithable.com to obtain the Plan Disclosure Booklet and/or the Investment Policy Statement, which include investment objectives, risks, charges, expenses, and other important information about the Member Plan. Please read and consider the Plan Disclosure Booklet carefully before investing.

The MiABLE program offers a transformative opportunity for Michigan residents with disabilities to achieve financial stability without compromising their essential benefits. If you or someone you know could benefit from this program, contact Andrus Law Firm, P.L.C. today. Andrus Law Firm, P.L.C. is here to help you understand and access the resources you need to secure a financially stable future.

See the following from SSA: Program Operations Manual System (POMS), Effective Dates: 03/14/2024 - Present

TN 122 (03-24)

SI 01130.740 Achieving a Better Life Experience (ABLE) Accounts

https://secure.ssa.gov/poms.nsf/lnx/0501130740

Learn More and Get Involved 

For more information directly from the state’s website about the MiABLE program, you can visit the official MiABLE website at Michigan.gov/miable.