April 24, 2020

Texas Comptroller’s Office Spotlights Autism Awareness Month, Texas ABLE® Program

(AUSTIN) — April is National Autism Awareness Month, and Texas Comptroller Glenn Hegar reminds families about the Texas ABLE® Program, which was established to assist individuals with disabilities and their families in saving money to pay for disability-related expenses critical to maintaining one’s health, independence and quality of life.

“I encourage Texans to join me in supporting those with autism and in recognizing the Texas ABLE Program, which will celebrate two years of operation in May,” Hegar said. “We are proud to be a part of this important program that can improve the lives of so many disabled Texans.”

Established by the Texas Legislature and administered by the Texas Prepaid Higher Education Tuition Board through the Texas Comptroller’s office, the Texas Achieving a Better Life Experience (Texas ABLE) Program allows Texans with disabilities to save for the future in tax-advantaged accounts while preserving their eligibility for important government benefits such as Supplemental Security Income (SSI) and Medicaid.

The program is open to eligible Texans who experience the onset of a disability before the age of 26 and are entitled to SSI or Social Security Disability Insurance benefits, or have a condition on the Social Security Administration’s list of Compassionate Allowances Conditions or a physician’s diagnosis of a qualifying condition.

Through Texas ABLE’s special eGift tool, anyone — the individual with the disability, family, friends or even a special needs trust — can make direct contributions to the account. Accounts can be established by the beneficiary of the account or by someone with legal authority to act on their behalf.

ABLE account funds, including any earnings, are not subject to federal income tax if used for qualified disability expenses. Each eligible individual can have only one ABLE account. For more information on Texas ABLE, including associated fees and contribution limitations, or to open an account, call (844) 4TX-ABLE (844-489-2253) or visit TexasABLE.org.

Other than FDIC insurance for the Bank Savings Account Option, accounts are not insured or guaranteed and could lose money (including the principal invested). Before investing in the Program, investors should carefully consider the federal and state tax consequences, possible negative effects on eligibility for federal or state benefits, possible Medicaid recapture, investment objectives, risks, administrative fees, service and other charges and expenses associated with the Program. The Program Disclosure Statement and Participation Agreement contains this and other information about the Program and may be obtained by visiting www.TexasABLE. or by calling 844-4TX-ABLE (844-489-2253). Investors should read the Program Disclosure Statement and Participation Agreement carefully before investing.