Foxx Praises Passage of Legislation to Help Reduce Financial Strain Facing Disabled Americans
WASHINGTON – Rep. Virginia Foxx, R-N.C., today voted in favor of bipartisan legislation that would allow families of a severely disabled child to save for their child's long-term disability expenses in the same way that many families currently save for college through popular 529 investment plans.
H.R. 647, also known as the Achieving a Better Life Experience Act or ABLE Act, overwhelmingly passed the House of Representatives by a vote of 404 to 17.
“Individuals with disabilities often face enormous financial struggles. The ABLE Act will positively impact millions of American families with a severely disabled child and help provide those families with peace of mind about the future,” said Foxx. “By allowing disabled individuals to save money without jeopardizing their benefits, the ABLE Act also encourages personal responsibility instead of increasing dependency on the government.”
ABLE accounts would be a savings vehicle for disability-related expenses that would supplement, but not supplant, benefits provided through private insurances, the Medicaid program, the supplemental security income program, the beneficiary's employment and other sources.
529A accounts would be administered by participating states in a manner similar to 529 college savings accounts. Families would have a choice of investment options, and the range of investment options available would be determined by each state. Accounts would be available only to individuals diagnosed with a disability before age 26, and qualified beneficiaries could have only one ABLE account.
U.S. Rep. Virginia Foxx is currently serving her fifth term as the representative of North Carolina’s 5th Congressional District and is the elected Republican Conference Secretary. Dr. Foxx is the chair of the House Education and the Workforce Subcommittee on Higher Education and serves as Vice Chair of the House Rules Committee.