<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2uiWfa_1GxEeEcJ00" alt="https://img.particlenews.com/image.php?url=2uiWfa_1GxEeEcJ00" width="1197" height="686" ></figure>ILLINOIS— Illinois residents with disabilities now have more opportunities to build their savings without risking essential government benefits, following major upgrades to the state’s disability program.Illinois State Treasurer Michael Frerichs announced Tuesday several changes to the program, previously known as Illinois ABLE (Illinois Achieving a Better Life Experience), which has been rebranded as Able UP.The changes include lower annual fees, expanded eligibility, updated investment options and new technology aimed at helping people with disabilities achieve greater financial independence.Able UP allows eligible individuals with disabilities and qualifying medical conditions to save money for expenses such as housing, transportation, health care, education and job training, while generally protecting their eligibility for government benefits such as Medicaid and Supplemental Security Income (SSI).<blockquote>“People say they like change but it can be difficult to navigate. But let me tell you some things that aren’t changing,” Frerichs said. “So ABLE account users will still be able to save money to increase their independence and improve their quality of life and to keep their federal benefits such as Medicaid and Social Security income. Helping families should not mean that they lose the benefits that they need.”</blockquote>Among the biggest changes to the program is the reduction in annual maintenance fees, which will decrease between 38% and 52%, depending on how account holders choose to receive their account information.The program also introduces a new mobile app through Vestwell, allowing account holders to check balances, make contributions, withdraw funds and manage their savings directly from their phones.Additional improvements include updated investment options, an FDIC-insured savings option, multilingual customer support, online bill payments and an optional reloadable prepaid credit card.However, one of the most significant changes comes from expanded federal eligibility requirements that took effect Jan. 1. Previously, individuals could only qualify for an ABLE account if their disability or qualifying medical condition began before age 26. Under the new guidelines, individuals whose disabilities before age 46 may now qualify.According to the Illinois State Treasurer’s Office, the expansion is expected to make an additional 250,000 state residents eligible to open an account.The changes could provide new savings opportunities for individuals with disabilities resulting from neurological conditions, spinal cord injuries and injuries sustained during military service. For current account holders, state officials emphasize that the program’s core benefits will remain unchanged<blockquote>“The good thing is that the important things about my ABLE account are staying the same, like protecting my benefits,” said Bridget Brown, the founder of Butterflies for Change and an Able UP account user.</blockquote>The program also remains available to eligible individuals nationwide, meaning Illinois residency is not required to open an Able UP account. Illinois taxpayers who contribute to an account may also qualify for a state income tax deduction. The changes come as Vestwell takes over as the program’s new manager, overseeing daily operations, investment administration and customer service.Those interested in learning more about the program, checking eligibility requirements or opening an account can click here.</div></body>

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ILLINOIS— Illinois residents with disabilities now have more opportunities to build their savings without risking essential government benefits, following major upgrades to the state’s disability program. Illinois State Treasurer Michael Frerichs announced Tuesday several changes to the program, previously known as Illinois ABLE (Illinois Achieving a Better Life...

Illinois Able UP program opens doors for more residents

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ILLINOIS— Illinois residents with disabilities now have more opportunities to build their savings without risking essential government benefits, following 

Illinois Able UP program opens doors for more residents

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