AURORA, Colo. -- A new program could be a real financial game-changer for some Coloradans.
On Wednesday, Colorado ABLE launched a new tax advantaged savings program for people with disabilities that allows them to save more, without affecting their eligibility for public assistance programs.
This is good news for people such as Taryn Lawhorn. She works as a porter at Children’s Hospital Colorado and really loves her job.
“I work with good people,” she said.
Previously, if she had assets of $2,000 or more, she would become ineligible for benefits.
But with the launch of the new program, eligible individuals and their families may save up to $100,000 through Colorado ABLE savings accounts, without affecting their eligibility.
“You don`t risk losing your Medicaid, disability and other essential services,” said Angela Baier, the CEO of CollegeInvest, which will administer the program.
“It’s very similar to a 529 in the fact that it can grow tax free, but it is so much more flexible. You can use it for education, but you can also use it for housing, transportation, personal services , even health care,” Baier said.
This is good news for Taryn’s family.
“This ABLE account is going to make it so that she doesn’t have to live paycheck to paycheck, and the handcuffs are going to be removed,” said Chuck Lawhorn, Taryn’s father.
To sign up, visit the ColoradoABLE.org website. It is free to enroll.