RVA Parenting: New Virginia savings plan opens for parents of special needs children

RVA Parenting: New Virginia savings plan opens for parents of special needs children

(WWBT) - If you have a child with disabilities, a new savings program will open for you on Dec. 19.

It's essentially a savings venue for you to save for a child with disabilities with tax advantages, the same way you might save for a child headed to college.

The new financial tool helps individuals with disabilities and their families to save, invest and pay for qualified disability-related expenses.

There are often added expenses to living with a disability: accessibility renovations, transportation, in-home care, medication and therapies, assistive technology devices, and the list goes on.

The ABLE savings program is administered by Virginia 529. Eligible individuals can open an account online at able-now.com starting Dec. 19. Virginia will be one of the first states in the country to offer the program.

Here's what Virginia 529 shared about the start of national enrollment:

Opening for national enrollment on December 19, ABLEnow is the Virginia-sponsored ABLE savings program administered by Virginia529, the nation's largest college savings plan. It's a groundbreaking new financial tool for individuals with disabilities and their families to save, invest and pay for qualified disability-related expenses.

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