Invest, Save and Spend With MiABLE

MiABLE is a savings account that helps people with disabilities — and their families, parents and caregivers on their behalf — save money without the risk of losing government benefits like Medicaid and Supplemental Security Income. MiABLE helps people who became disabled before age 26 to save up to $18,000 annually. What could you make possible by opening a MiABLE account? See how MiABLE account holders Ivy and Edward used the money they saved.

Ivy’s story:

Unwrapping the gift of MiABLE since she was an infant.

Ivy’s story:

Unwrapping the gift of MiABLE since she was an infant.

In most ways, Ivy Filcik is your typical 5-year-old girl. She’s curious, adventurous, cute as a button and comes with a warning label to watch out for any unexpected safety risks.

As a child with Down syndrome, Ivy also has some unexpected needs and expenses. That’s why her parents, Lindsay and Sam Filcik of Allendale, Michigan, opened a MiABLE account within six months of her birth. It has been the gift that keeps on giving ever since.

“We learned pretty quickly about the unfortunate limits imposed on earnings for people with disabilities receiving government benefits, but it is fantastic that MiABLE steps into that space.”
— Lindsay Filcik

Lindsay has been “amazed at how user-friendly MiABLE is” and is particularly fond of its “gift-giving” option. She said her father, a banker who recommended opening the MiABLE account after Ivy was born, makes a gift to Ivy’s MiABLE account on special occasions like her birthday.

Another gift that stirs the heartstrings came from a girl whom Lindsay once babysat. The girl donated the entire profits of her 4-H project to Ivy’s MiABLE account.

Ivy’s parents have used some of the MiABLE money to pay for Ivy’s horse therapy and other experiences. One of MiABLE’s overall goals is to enhance quality of life through experiences for people with disabilities.

The Filcik family, which includes Ivy’s brother, Eli, 8, and sister, Zoe, 10, remains ever vigilant for the always-on-the-move youngster. Her activities often require purchasing safety devices to keep her safe — and they can pay for it all with MiABLE money.

“She’s always on the move, running, escaping,” Lindsay said. “She’s so curious. MiABLE helps us buy some of the things we need to keep her safe.”

Edward’s story:

Saving for a car, vacations and a condo.

Edward’s story:

Saving for a car, vacations and a condo.

Detroiter Edward Lofton, 31, has big plans for his MiABLE money. Like most people his age, he wants to invest, save and spend the money he earns. He wants to travel, buy a car and eventually purchase a home.

As a person with autism, Edward’s big plans would have been impossible before MiABLE came along eight years ago — even his job would have been a problem. That’s because he, like many others with disabilities, was limited to accumulating assets of just $2,000 or risk losing government benefits.

Now, thanks to MiABLE, Edward’s dreams are in reach.

Edward has a job at Ford’s Advanced Engineering Center in Dearborn and is saving the money in his MiABLE account for his first car — “something good on gas,” he said.

And, said his mother, Joanna, he earns enough money to contribute to the household. He helps pay his share of living expenses and “splits the costs on the trips we take.”

In other words, Edward is living more independently through MiABLE. He has been able to use his MiABLE savings to travel with his mom. The two recently took trips to Nashville and Milwaukee and Edward picked up his portion of the expenses. His next trip on the itinerary is Trinidad. After the car, Edward also has his sights set on purchasing a condo.

“Without MiABLE, this never would have happened. MiABLE gave my son the opportunity to hold a job and provide a decent life for himself.”
—Joanna Lofton

A Way to Pay, Day to Day

With MiABLE, account holders like Ivy and Edward can choose whether to invest their money for future expenses, or to use the savings account to pay for day-to-day qualified disability expenses. Account holders can make qualified purchases easily with a debit card connected to their MiABLE account.

A qualified disability expense is:

An expense made when you were an “eligible individual.”
An expense that helps maintain or improve your health, independence or quality of life.
A broad expense from a wide array of categories (see below) that relate to your disability.