Monday, May 3, 2021 | 2 a.m.
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Assembly Bill 62 didn’t make a lot of noise as Nevada lawmakers advanced it through the legislative process this year and Gov. Steve Sisolak signed it into law this past week. But it’s a meaningful piece of legislation, and its supporters delivered a victory for responsible governance in backing it.
The bill allows state Treasurer Zach Conine’s office to expand efforts to encourage Nevadans with disabilities to establish what are known as ABLE accounts — tax-free savings accounts authorized by the federal Achieving a Better Life Experience Act of 2014.
Simply put, these accounts allow disabled individuals to save funds without jeopardizing their access to government social services for low-income Americans, such as Medicaid, food stamps and Supplemental Security Income. Generally, anyone with cash savings or retirement savings of more than $2,000 loses eligibility for those services.
ABLE accounts, however, recognize the significant extra costs of living with a disability, and provide a way for disabled individuals to save money to put toward those expenses. ABLE account holders can save up to $15,000 per tax year, which they can use toward several qualified expenses such as raising a child with significant disabilities, obtaining accessible housing and transportation, purchasing assistive technology, and accessing health care services not covered by Medicaid or Medicare.
AB62 sets the stage for Nevada to become the first state in the U.S. to provide cash incentives to individuals for opening new ABLE accounts. With its passage, Conine’s office will seek grants and private donations that will fund those incentives.
The accounts have already proven popular, with about 1,200 Nevadans taking advantage of them. Nationwide, the congressional act has resulted in $642 million being saved in more than 82,000 accounts coast to coast. And Congress, to its credit, is considering a bill to expand eligibility. The accounts are currently available only to individuals who experienced their disability before age 26; the proposed bill would increase that age to 46. If passed, the legislation would allow an additional 6 million Americans to obtain accounts, including 1 million veterans.
But while that discussion plays out, the Nevada bill could provide help in the short term for thousands of state residents. Health officials report that there are approximately 50,000 Nevadans who are significantly disabled — to the point they experience difficulties with such daily activities as dressing and bathing — and many may qualify for the ABLE accounts but aren’t aware of them.
Here’s a tip of the cap to Conine and his team for trying to reach those individuals, and to the state lawmakers who joined the effort by supporting AB62. This is an example of government improving people’s quality of life in a concrete and significant way.
Americans shouldn’t be forced to remain in poverty to obtain crucial support services. The availability of ABLE accounts offers disabled individuals a way to improve their financial security and flexibility while still being able to access those services.
We would encourage anyone with a disability to explore obtaining an ABLE account by visiting the Nevada Treasurer’s ABLE web page — savewithable.com/nv — phoning 888-609-8916 or emailing [email protected].
