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 Amanda and Tiffany used the money they saved.

Amanda’s story:

Saving for college and the future.

Amanda’s story:

Saving for college and the future.

Like many 18-year-olds, Amanda Hanshaw is getting ready to graduate high school and preparing to leave the nest to head off to college. From dorm life to classes to social activities, it’s an exciting time in her life — when anything feels possible.

Thanks to her MiABLE savings account, the South Lyon, Michigan, resident also has the financial readiness she needs as she starts the next chapter of her life. As a person with Down syndrome, Amanda can use her MiABLE account to pay for education expenses like college courses. She plans to attend the University of Cincinnati’s four-year college Transition Access Program designed for students with special needs.

Amanda’s parents spent considerable time examining all they could find about available resources for families with special needs. That’s how they heard about ABLE accounts

before they even started in Michigan, and the Hanshaws made sure that once MiABLE became available, they were among the first to sign up.

“From the beginning, we wanted Amanda to lead an independent life, and that includes having all the financial resources she needs to support herself now and over time.”
— Carrie Hanshaw

As she gets ready to head off to college in the fall, Amanda is spending time celebrating her graduation with family and friends. She’s also working a summer job to help earn more money for college. Amanda can save any money she gets from graduation and her job in her MiABLE account to help pay for expenses, whether during college or in the future.

Tiffany’s story:

Finding freedom and flexibility for wherever life leads.

Tiffany’s story:

Finding freedom and flexibility for wherever life leads.

The two things that most attracted Livonia native Tiffany Taylor to a MiABLE savings account were financial independence and the ability to spend her money on what she needed when she needed it most. Tiffany, 34, is all about independence and flexibility. As someone who is legally blind, these are very important to her lifestyle and work situation.

Tiffany currently lives on a sailboat near San Francisco with her partner, and the two plan to set sail from the West Coast to see the world. Her MiABLE account will help them along the way.

“My MiABLE savings is my rainy-day fund,” said Tiffany. “I live on a sailboat. We will be sailing to various places around the world, and I need to have easy access to my savings when I’m not working or self-employed and working remotely.”

Tiffany opened her MiABLE account when she was working full time and decided she needed a “safety net” while also ensuring access to state and federal benefits should she ever need them. She uses MiABLE more like a traditional investment plan. During periods when Tiffany works part time, she uses her MiABLE account to help pay some of her bills while receiving her Social Security benefits.

“Because of my disability and lifestyle, my work is very unpredictable so there may be times where I make enough income to pay my bills and there may be times where I am not able to do this,” Tiffany said.

“MiABLE eliminates the stress and barriers that come with income restrictions.”
—Tiffany Taylor

As she hits the open seas, Tiffany can rest easy knowing her MiABLE savings account is there for wherever her journey leads.

A Way to Pay, Day to Day

With MiABLE, account holders like Amanda and Tiffany 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.

With MiABLE, you can use the money in your savings account for a variety of expenses, including things in the following buckets: