Treasurer Joe Torsella announced the PA ABLE Savings Program (PA ABLE) has more than doubled its assets in just one year. PA ABLE currently has more than $18.4 million in assets, up from $8.6 million in July 2018. The program continues to be one of the fastest-growing members of the National ABLE Alliance, with more than 2,500 PA ABLE accounts opened since the program’s beginning in 2017.
“The fast growth of PA ABLE demonstrated by these numbers shows just how important a program like this is to members of the disability community. PA ABLE allows those with disabilities and their families a way to save without losing access to government benefits they have come to rely on. Giving our friends and neighbors access to PA ABLE allows them to plan for the future, build real wealth, and live more independently. Saving for expenses like modified vehicles to get to work, or assistive technology to enhance independence was once considered impossible for many for fear of losing necessary benefits—now with PA ABLE, more things than ever are within reach for those with disabilities in the commonwealth. I’d like to thank the Pennsylvania General Assembly for its continued support of this growing program.”
Pennsylvania Treasurer, Joe Torsella
PA ABLE provides a tax-advantaged way for Pennsylvanians with disabilities and their families to save. Saving with PA ABLE does not jeopardize access to state and federal programs, such as Supplemental Security Income (savings up to $100,000) and Medical Assistance. Funds saved in PA ABLE accounts can be used to pay for any qualified disability-related expense including housing, education, and healthcare costs.
“An ABLE account is easy to open and easy to manage. It helps people with disabilities save for day-to-day expenses as well as save for the future. In the last year, we’ve worked with several people who have saved money in their ABLE accounts for a more affordable loan to purchase assistive technology. This life-changing technology, including adapted vehicles, smart home devices and specialized software, has made it possible for these Pennsylvanians to go to work, go to school and be active in their communities. For the first time, people with disabilities can be directly in charge of their own finances without risk of losing critical government supports.”
Susan Tachau, Chief Executive Officer of the Pennsylvania Assistive Technology Foundation
PA ABLE launched in April of 2017 after the passage of the PA ABLE Act. Federal legislation authorizing states to create ABLE programs was championed by Pennsylvania’s U.S. Senator Bob Casey. Former Rep. Bernie O’Neill and Sen. Lisa Baker were instrumental in the passage of legislation to enact the program at the state level.
People interested in learning more about the opportunity to save with PA ABLE can visit PAABLE.gov for more information or call 1-855-529-ABLE (2253).