1/20/2017 11:51:39 AM
To comply with state law, the state of Minnesota will establish Achieving a Better Life Experience Act (ABLE) accounts in 2017. ABLE accounts are tax-free savings accounts for people with disabilities that can be used for certain qualified expenses, such as education, housing and transportation. A person’s ABLE account is excluded from income and assets when determining eligibility for federal and state programs, such as Medical Assistance, the Supplemental Security Income (SSI) program, the Supplemental Nutrition Assistance Program (SNAP), the Minnesota Family Investment Program (MFIP), and others.
Michigan, Ohio, Tennessee and Nebraska have already established ABLE accounts that are being offered nationally. Minnesotans who meet the requirements to establish an ABLE account can establish one in any one of those states or in Minnesota (when the accounts become available here).
Regardless of where an ABLE account was opened, treat the account and deposits to the account as follows for Minnesota Health Care Programs (MHCP):
Qualified Health Plan (QHP), Qualified Dental Plan (QDP), advanced premium tax credit (APTC) and cost sharing reductions (CSR) policy regarding ABLE Accounts:
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