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In celebration of the 34th anniversary of the American with Disabilities Act this month, the Michigan Department of Treasury is collaborating with MiABLE account holders to promote the opening of new MiABLE savings accounts among individuals with disabilities.

For 38-year-old Livonia resident Aaron Martinuzzi, who experienced a spinal cord injury nearly two decades ago due to a diving accident, the MiABLE account has been crucial. It has enabled him to continue his career as a software analyst without jeopardizing his financial security.

In Michigan, as well as across the nation, individuals with disabilities who receive government benefits must contend with a federal asset cap of $2,000. This group is notably at a higher risk of poverty, with a doubled likelihood compared to non-disabled peers, and faces significant challenges in gaining and maintaining employment.

MiABLE offers a financial pathway for individuals who were disabled before turning 26, allowing them and their families to invest up to $18,000 each year in a variety of options, according to de Varona.

Despite the significant need, only about 1% of the estimated 500,000 to 600,000 eligible Michigan residents have opened MiABLE accounts, highlighting a substantial gap in enrollment.

Martinuzzi is an avid supporter of the investment opportunities provided by MiABLE and actively encourages others with disabilities to invest in MiABLE accounts. He emphasizes the importance of these accounts in allowing individuals to fully utilize their earnings without the risk of forfeiting other benefits.

The Americans with Disabilities Act (ADA), enacted in 1990 by President George H.W. Bush, aimed to guarantee the same rights and opportunities for individuals with disabilities as for all citizens. In 2015, Michigan launched MiABLE, becoming only the fifth state at the time to offer such a program, which is managed by the Michigan Department of Treasury.

MiABLE, which stands for Michigan Achieving a Better Life Experience, is designed to alleviate the financial strains faced by individuals with disabilities and their families. It allows them to save for both immediate and future needs without risking their eligibility for government benefits such as Medicaid and Supplemental Security Income.

For Carrie Hanshaw and her husband, residents of South Lyon, opening a MiABLE account for their 18-year-old daughter Amanda has brought a measure of financial peace of mind. Amanda, who lives with a genetic chromosome disorder that causes developmental and intellectual delays, is preparing to attend college and embark on her journey towards independence.

Setting up a MiABLE account is straightforward and quick, typically completed in just about 15 minutes. For those interested in understanding more about the benefits of MiABLE, de Varona suggests participating in an upcoming webinar. The next session is scheduled for 6 p.m. on Wednesday, July 17.