Opinion: NY ABLE celebrates seven year anniversary

Seven years ago this month, my office publicly launched the New York Achieving A Better Life Experience savings program, better known as NY ABLE. The program helps individuals with disabilities to maintain health, independence and quality of life without jeopardizing means-based public benefits. This milestone provides a time to reflect on the program’s success and an opportunity to raise awareness of its benefits. 

There were approximately 827,000 people with disabilities between the ages of 16 and 64 living in New York as of 2022. Many of these individuals depend on a variety of public benefits for income or to pay for health care, food or housing costs. To qualify for these benefits, such as Supplemental Security Income and Medicaid, individuals with disabilities are generally limited to $2,000 in assets. The NY ABLE program accounts allow eligible individuals with disabilities to save money in their own name without risking their public benefits, if certain conditions are met. This program gives families and individuals with disabilities some peace of mind as they plan for the future. 

Since the launch of NY ABLE, employment for people with disabilities grew 14.4% in New York, making it even more important for these individuals to have a secure place to keep their money and watch it grow.  As trustee of the program, my office works diligently to expand its benefits and make it even more accessible. 

For example, in 2019, legislation I proposed increased the amount of savings individuals could have in their NY ABLE account. Now, the maximum account balance is $520,000, up from $100,000, giving account owners the opportunity to increase their tax-deferred and tax-free earnings and savings. Tax benefits are contingent on meeting certain requirements. 

In 2022, legislation I proposed removed a New York state residency requirement, so people who qualify for the program can live in any state and retain their account even if they move.

NY ABLE was also one of the first ABLE programs nationwide to translate our website, documents and forms into Spanish, expanding access to more than 2.8 million Spanish speaking households in New York state. 

I supported the bipartisan ABLE Age Adjustment Act, signed into law by President Biden in December 2022, which lets individuals who develop a disability before age 46 qualify for the ABLE program, up from 26 years of age. This law is set to take effect in 2026 and will expand account eligibility to six million Americans, including more than one million veterans.  

This year, the program began offering an FDIC-insured savings account option, allowing eligible account owners the opportunity to grow their money tax-free and without the risk of market volatility.  

To increase awareness about NY ABLE, my office works with community organizations and state and local lawmakers, joining events throughout New York to answer questions from individuals with disabilities and their families. We also provide presentations, both online and in person, to help educate the public. 

We have partnered with Special Olympics New York to sponsor their Athlete of the Month Program, where we highlight the achievements and character of a deserving athlete each month and spread the word about the NY ABLE program.  

NY ABLE provides a practical and secure way to save money for disability-related expenses without jeopardizing eligibility for important benefits. We will continue to work to find ways to expand benefits, savings options and outreach opportunities because we know the impact and importance of this program for New Yorkers and their families. 

To learn more about the NY ABLE Program and how to qualify for tax benefits, visit: https://www.mynyable.org/.