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Treasurer, State Officials Promote Savings Program For Hoosiers With Disabilities

By Lauren Chapman

Posted March 21, 2018

[audio src="https://mediad.publicbroadcasting.net/p/indiana/files/201803/INvestABLE_web_0.mp3"]

Indiana Treasurer Kelly Mitchell and other state officials aim to raise awareness of a disability investment savings program. The state has successfully sign 131 people up for the state program, and it hopes to increase that number.

State lawmakers launched INvestABLE last year. It helps people with disabilities build financial independence.

The program helps them create larger savings accounts and keep full federal benefits. Outside of this program, Hoosiers with disabilities can only save $2,000 without penalty. In the program, they can save up to $15,000 a month, and most have a cap at $100,000. Mitchell says the program promotes financial independence.

"You know, something that we take for granted, that we could save for, hasn't been available to a lot of people living life with disabilities," Mitchell says. Indiana ABLE Authority executive director Amy Corbin says this helps build financial security for people with disabilities.

"It's another tool in their toolbox, and it's something that's been needed for a very long time," Corbin says. Money in the savings account is for expenses related to a person's disability, which is intentionally broad, and could cover anything from rent and housing modifications to transportation services like Uber.

CORRECTION: A previous version of this story said Hoosiers with disabilities in the savings program would be able to save $15,000 per month. That was incorrect. The program has a cap of $15,000 per year.

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