Senate Hearing on Expanding Disability Savings Accounts

• •As of July 2021, over 91,000 people have opened ABLE accounts across 43 states.
• •Total savings in ABLE accounts have reached over $759 million, with an average of $8,300 per account.
• •Current law restricts ABLE account eligibility to individuals who acquired their disability before age 26.
• •The ABLE Age Adjustment Act (S. 331 / H.R. 1219) proposes expanding eligibility to include individuals who acquire disabilities after age 26.
• •The proposed expansion would make approximately 6 million additional Americans eligible for ABLE accounts.
• •In Pennsylvania, over 5,200 people have used ABLE accounts to save over $57 million.
• •People with disabilities are statistically less likely to be employed and have lower lifetime earnings compared to those without disabilities.

The proposed ABLE Age Adjustment Act would allow an estimated 6 million additional Americans with disabilities to open tax-advantaged savings accounts without jeopardizing their eligibility for federal benefits like Medicaid or Supplemental Security Income.

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.