State reminds of MiABLE program

LANSING — Individuals who have a Michigan Achieving a Better Life Experience investment savings account can use those funds to help with health, independence and quality-of-life expenses, according to the Michigan Department of Treasury.

Known as MiABLE, the funds saved in 529(A) accounts can be used to off-set the costs associated with a disability. This may include paying for expenses related to education, housing, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management and administrative services or other eligible expenses.

“For those disabled individuals who need the most flexibility, this is important because they can use their savings or earnings to pay medical bills, school bills, transportation costs or other disability-related expenses,” state Treasurer Rachael Eubanks said in a news release.

Unlike traditional savings account, MiABLE savings are not considered when applying for other state or federal benefits. Funds from a MiABLE account are not taxed if used for qualified disability-related expenses.

For more details or to register an account, visit www.miable.org or call 844-656-7225.