The state of South Carolina is offering a new financial incentive to encourage residents with disabilities to enhance their financial well-being. To mark what has been proclaimed as Palmetto ABLE Savings Month, individuals who open a new account through the state’s savings program and make an initial contribution will receive an additional financial boost.
State Treasurer Curtis Loftis announced the initiative, which is timed to coincide with National ABLE Savings Day. Under the program, anyone who opens a new Palmetto ABLE account and contributes at least $25 will receive an additional $25 from the program. The offer is limited to one incentive per account.
The Palmetto ABLE program provides a way for people with disabilities to save and invest for qualified disability-related expenses without risking the loss of eligibility for essential public benefits like Medicaid. Participants can contribute up to $19,000 annually.
This savings option is designed to address the significant financial challenges often associated with living with a disability. The program is currently available to individuals who were living with a disability prior to the age of 26. However, starting next year, the eligibility age will be expanded to include individuals up to age 46, significantly increasing the number of people who can benefit from the program.
The statewide effort is part of a larger national movement. According to the National Association of State Treasurers, more than 195,000 Americans with disabilities have collectively saved $2.3 billion through ABLE accounts. In South Carolina, approximately 3,800 people are currently enrolled in the Palmetto ABLE program.
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