LINCOLN, Neb. (AP) — Nebraska will become one of the nation's first states to offer special tax-free savings accounts to people with disabilities.
The state is set to launch its Enable Savings Plan on June 30. The plan allows adults with disabilities and their families to save as much as $100,000 without losing Social Security benefits.
Supporters say the plans will help them save for medical, housing and educational needs. Under previous state law, adults with disabilities could lose Medicaid coverage and Social Security if they accumulated more than $2,000 in assets.
State Treasurer Don Stenberg says Ohio and Tennessee launched similar accounts earlier this month, but Nebraska's is among the first. Residents from other states can also sign up for Nebraska's plan.
First National Bank of Omaha will manage the program.
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