30 LONGISLANDPRESS.COM • DECEMBER 2017 30 LONGISLANDPRESS.COM • SEPTEMBER 2017 30 LONGISLANDPRESS.CO M • SEPTEMBER 201-----------TUTU111
If you imagined
you could change
the world,
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AgeWell New York.
THE WAY TO AGE WELL
IN NEW YORK
Personalized, easy to understand,
easy to live with Medicare
Advantage Prescription Drug Plans
$0 or low cost Plan Premiums
agewellnewyork.com
718-696-0206
TTY/TDD 800-662-1220
AgeWell New York, LLC is a HMO plan with Medicare and Medicaid contracts. Enrollment in AgeWell New York, LLC depends on contract renewal. This
information is not a complete description of benefits. Contact the plan for more information. Limitations, copayments, and restrictions may apply. Benefits,
premiums and/or co-payments/co-insurance may change on January 1 of each year. You must continue to pay your Medicare Part B premium. Premiums, copays,
co-insurance and deductibles may vary based on the level of Extra Help you receive. Please contact the plan for further details. AgeWell New York complies with
applicable Federal civil rights laws and does not discriminate on the basis of race, color, national origin, age, disability, or sex. AgeWell New York complies with
applicable Federal civil rights laws and does not discriminate on the basis of race, color, national origin, age, disability, or sex. AgeWell New York cumple con
las leyes federales de derechos civiles aplicables y no discrimina por motivos de raza, color, nacionalidad, edad, discapacidad o sexo. AgeWell New York 遵
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language assistance services, free of charge, are available to you. Call 1-866-586-8044 (TTY: 1-800-662-1220). ATENCIÓN: si habla español, tiene a su
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獲得語言援 助服務。請致電 1-866-586-8044 (TTY: 1-800-662-1220). H4922_ PImagine4002 Accepted 09192017
ABLE Accounts: Enhancing the Quality of Life of Individuals with Disabilities
One of the main priorities of family
members of individuals with
disabilities is to best provide for
that person’s disability-related expenses
and enhancing the individual’s quality of
life while still maintaining the individual’s
eligibility for essential means-tested
government benefits programs. In passing
the Achieving a Better Life Experience
(ABLE) Act, Congress created a new way
for potentially millions of people to save
for their disability-related expenses and
maintain a higher quality of life without
jeopardizing their government benefits.
The creation and proper use of these
accounts, called “ABLE” accounts, is of
paramount importance to people with
disabilities.
An individual diagnosed with a disability
generally cannot own assets totaling more
than $2,000 without forfeiting eligibility for
government programs such as Supplemental
Security Income (SSI). However, under the
ABLE Act, tax-advantaged savings accounts
may be used to pay for qualifying expenses
such as the costs of treating the disability
or for education, housing and health
care, among other things. The existence
of the accounts will not compromise the
individual’s ability to qualify for benefits
like SSI or Medicaid as long as the ABLE
account requirements are adhered to.
Families enrolled in ABLE plans may
currently contribute up to $14,000 ($15,000
in 2018) annually to these accounts without
jeopardizing the account beneficiary’s
eligibility for SSI, Medicaid and other crucial
government benefit programs.
The ABLE account savings plan may be
used for an even broader array of products
and services than many beneficiaries
may realize, including housing expenses,
bus fare, financial management services
or even, potentially, a smart phone.
In proposed regulations, the Treasury
Department and Internal Revenue Service
(IRS) reiterated that the term “qualifying
disability expenses” should be “broadly
construed” to include any benefit
related to the designated beneficiary “in
maintaining or improving his or her health,
independence, or quality of life.” Once in
place, ABLE accounts will become another
valuable tool for families of people with
special needs to use in order to protect
their loved ones’ valuable benefits while
enhancing their quality of life. More
importantly, it will provide a greater
measure of independence for those with
disabilities.
To help consumers navigate the ABLE
process and accelerate the opening of
accounts by eligible individuals, the
ABLE National Resource Center has
launched an education and information
campaign called #ABLEtoSave (http://
ablenrc.org/road-map-enrollment). The
goal of the #ABLEtoSave campaign is to
significantly boost public knowledge about
ABLE accounts and ultimately increase the
number of ABLE accounts opened.
Although it may be easy to set up an
ABLE account, there are many hidden
pitfalls associated with spending the funds
in the accounts, both for the beneficiary
and for her family members. Therefore, it is
imperative that anyone who is considering
establishing an ABLE account speak with
her special needs attorney first in order to
make sure that all of the pieces of a special
needs plan will properly align with the
ABLE account.
Ronald A. Fatoullah, Esq. is the principal
of Ronald Fatoullah & Associates, a law firm that
concentrates in elder law, estate planning, Medicaid
planning, guardianships, estate administration,
special needs planning, and real estate. The law
firm can be reached at 516-466-4422, or toll
free at 1-877-ELDER-LAW or 1-877-ESTATES.
Mr. Fatoullah is also a partner with Advice
Period, a wealth management firm, and he can
be reached at 424-256-7273.
By Ronald A. Fatoullah, Esq.
