Illinois will be among the first states to implement a savings program for the lifelong care of people with disabilities. The financial planning tool is being promoted at a time when state-funded services for those with disabilities are not being paid.
The ABLE Act, which stands for Achieving a Better Life Experience, is federally-inspired legislation, signed into law earlier this year. The program is similar to 529 college savings plans, which have certain tax exemptions.
For Sarah Thompson of Paxton, this program could mean stability for her son Braden for years...even after she's gone.
"He requires some care, some daily care. And it's pretty extensive daily care," Thompson said.
13-year-old Braden was born prematurely, and has a whole host of diagnoses. But his mom says for the moment, he's happy and healthy...and excited for high school next year.
"We're talking about homecoming now, he's thinking about a homecoming date for next year already. So, you know, it's better to plan ahead," Thompson said.
The ABLE Act will be fully implemented next year, after a federal rule-making process is complete. The plans will allow families of those with disabilities to save up to $100,000 for long term care of loved ones.
