Crespo Measure Helping Secure Stable Financial Future for Disabled Illinoisans Signed Into Law

SPRINGFIELD, Ill. - Legislation sponsored by state Rep. Fred Crespo, D-Hoffman Estates, allowing people with disabilities and their families to establish tax-exempt savings accounts for disability-related expenses was recently signed into law.

"The costs associated with a lifelong disability can be overwhelming, especially as the cost of health care rises and insurance rates soar. A tremendous financial strain can be placed on the finances of disabled individuals, as well as their families, who often pay out of pocket for expenses not covered by insurance providers," Crespo said. "This new law will help provide relief and peace of mind for residents by allowing for the creation of special savings accounts that can be used for these purposes."

Crespo worked to pass Senate Bill 1383, which creates the Achieving a Better Life Experience (ABLE) account program. Under the program, which will be administered by the state treasurer, people with disabilities and their families would be allowed to establish a tax-exempt savings account to cover qualified expenses related to the disability of the account holder, such as education, housing, employment training and support, transportation and health care. The measure was supported by a wide-range advocacy groups, including the Arc of Illinois, Illinois Network of Centers for Independent Living, Heartland Alliance and the Sargent Shriver Center.

"As a public servant, one of my top priorities is to ensure that our state's most vulnerable citizens have access to the resources they need to live as independently and comfortably as possible," Crespo said. "It is my hope that the ABLE account program will help make this idea a reality for disabled residents across the state and allow them to secure strong financial futures."

Senate Bill 1383, now Public Act 99-0145, was signed into law Monday and goes into effect on January 1, 2016.