There is a bill pending in Congress to allow the formation of tax deferred accounts similar to 529 accounts for the college bound, but these accounts are to address the day to day life needs of individuals with disabilities who are not college bound. They are are know as FSAID accounts.Download fsaid_fast_facts.pdf
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Among the key elements of these proposed plans:
- Allow for rollovers from other accounts;
- Individuals qualify for the plans if they already meet the requirements for SSI;
- Income from the plan will not disqualify an individual from other government benefits;
- Capped at $500,000 (but as with many such programs that cap usually rises over time).
The plan can be used for rent, medical expenses, housing, job training among other relevant expenses. It is great way to improve the outcomes and quality of life for people with disabilities without jeopardizing other benefits. This legislation is something that we should all be writing our Senators and Congressperson to formally endorse and push through to law.