When Congress passed the Achieving a Better Life Experience (ABLE) Act in 2014, individuals had to have acquired their disability before their 26th birthday to be eligible to open an ABLE account.
Illinois Treasurer Michael Frerichs said now, that is changing. ABLE accounts are now available to anyone who acquired their disability before age 46.
"I think this is a game changer for a lot of people," Frerichs said. "It nearly doubles the age opening up the ABLE program to an estimated 6 million disabled Americans, including about 250,000 who live here in the state of Illinois."
ABLE accounts allow individuals with disabilities to save and invest money to improve quality of life without risking federal benefits.
Director of the ABLE Illinois program Stephanie Kanter is among those who can now take advantage of the program.
"What I've learned, and what I think so many people with disabilities know, is that living with a disability just costs more," she said. "I am so grateful for Illinois able and with my account, I can now start saving and investing for these types of expenses."
She said she acquired her disability at age 26, just a few months beyond being eligible under the previous rules.
"I makes me think of all the ways an Illinois ABLE account could have been useful to me over the years," she said. "It is a financial tax financial tool with tax benefits that fills a gap that didn't exist before."