State treasurer says MO ABLE provides MOre opportunities for disabled Missourians
HANNIBAL, Mo. — Missouri State Treasurer Vivek Malek was in Hannibal Friday afternoon in support of MO ABLE, a program that allows people living with disabilities to open a tax-free investment account.
The program, which began in 2014, assists people to save money without losing eligibility for many public benefit programs such as Medicaid, Supplemental Security Income (SSI) and Social Security Disability Income. MO ABLE accounts are made possible by the Achieving a Better Life Experience (ABLE) Act.
The room at Marion County Services for the Developmentally Disabled was full of people interested in learning more about the program. Some people arrived in wheelchairs or with loved ones. After Malek presented on the program, the floor was open for questions.
“I think it’s a good opportunity,” said Michelle Todd, in attendance with her daughter Marissa. “We have been boxed in by some limits of civil services.”
Todd explained that the limitations involved with other disability benefits made it “hard to collect any kind of assets of any meaningful value.”
“It takes more than a $1,500 limitation on your bank account to be able to (learn) to be responsible fiscally,” Todd said.
With Supplemental Security Income (SSI), resources above $2,000 for a person or $3,000 for a couple render the applicant(s) ineligible from benefits.
Marissa noted that saving money was important.
“I like to spend my money on clothes,” Marissa said. She then added, “And her,” giving her mom a hug.
“April is the able to save month,” Malek said. “It is also the 35th anniversary of the Americans for Disabilites Act.”
To celebrate the month, if a MO ABLE account is opened before April 30th, the state treasurer’s office will match the required $25 necessary to open the account.
Malek explained that despite being around for eight years, MO ABLE has seen a 48 percent increase in the past 2 years.
People must have developed a disability before the age of 26 to be eligible. However, in 2026, that number will increase to age 46. This expansion is significant because it will include many more veterans.
“We don’t have a big marketing budget,” Malek said, “So I am the marketing.”
Annie C. Reller is a Seattle native and a recent Stanford graduate serving as an intern for Muddy River News this spring.
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