There's no limit to what people with disabilities can do. In Indiana, that includes saving, too. With an INvestABLE Indiana savings and investment account, Hoosiers with disabilities can save for qualified disability expenses without losing eligibility for certain assistance programs, like SSI and Medicaid. The best part about this savings account? The earnings on investments are federally tax-deferred and tax-free. Meaning that savings compound quicker than traditional savings accounts, earning returns on your investments.
In honor of Indiana Disability Awareness Month, the Indiana Arts Commission teamed up with Art Mix CEO Britt Sutton and Indiana ABLE Authority Executive Director Amy Corbin to explore how this savings account can provide a creative solution to savings for artists with disabilities.
What are some creative ways Hoosiers with disabilities could use this account?
Amy Corbin (Indiana ABLE Authority): This account can be used to support basic living expenses, transportation, assistive technology, even housing. It can also be used to support art therapy. In general, a qualified expense is any cost related to the individual living with their disability and one that improves their health, independence, or quality of life. The account even has the potential to help support costs associated with running a small business. INvestABLE accounts offer very flexible usage to help support an individual’s unique needs.
Can the account be used to pay for art classes?
Britt Sutton (Art Mix Indiana): Yes, however, it is important to note that in order to use funds from the ABLE account it must be in line with the requirements set forth by the ABLE Act of 2014 and benefit the health, independence, or quality of life of the participant. This can also be dependent upon the individual’s disability.
How easy is it to use funds from an INvestABLE account?
Amy: With an INvestABLE Indiana account, the Account Owner (or their Authorized Individual) has direct access to and control over their money. We offer 6 investment options as well as a checking option that offers a debit card and the account is easy to access and manage online or by phone. You can make a withdrawal from any investment option at any time.
Are there contribution limits?
Amy: Anyone can contribute to the account and generally up to $15,000 can be contributed annually but those who work can contribute more. If an individual is receiving Social Security Insurance (SSI) they can save up to $100,000 in their INvestABLE account. An account holder who does not receive SSI can save more.
How could artists with disabilities use this savings account?
Britt: INvestABLE accounts are a wonderful way to ensure the future of an individual with a disability without taking away from their qualifications for SSI or Medicaid Waiver status. More importantly, it provides organizations the ability to pay fair wages for all employees. For our independent artists, INvestAble accounts provide a way to save income earned through art sales and protect those savings. At ArtMix, we showcase the work of independent artists with disabilities. They earn 80% of the proceeds with 20% going back into ArtMix and our programming. An ABLE account means artists not only earn the majority of the profit, but they are also able to do so without it negatively impacting their SSI or Medicaid Waiver status.
For more information on Urban Artisans check out: https://www.artmixindiana.org/urban-artisans
Is there an age limit for when an INvestABLE account can be set up?
Amy: There’s no age limit for when the account is opened, but the disability must have onset before the age of 26. If age of onset criteria is met and the individual is receiving SSI or SSDI, they are eligible, OR if age of onset criteria is met and they experience blindness or a significant functional impairment, they can self-certify eligibility.
What’s the first step to opening an INvestABLE savings account?
Amy: Enrollment for INvestABLE Indiana is done online in an easy, streamlined process. An account cannot be opened at a bank. The Account Owner can open and manage the account on their own or an Authorized Individual can act on their behalf. You can learn more and enroll at https://in.savewithable.com.
Our Client Services team is always eager to help and just a phone call or email away. They can be reached at (888) 609-3457, Monday - Friday, 8:00 am - 5:00 pm ET or via email at in.clientservice@savewithable.com
About the Contributors
Amy Corbin is the Executive Director for the ABLE Authority which oversees INvestABLE Indiana, the state’s 529A ABLE savings plan. Amy has worked for the State of Indiana for over 10 years and has an established background in social work and case management. Prior to working for the Office of the Indiana Treasurer of State, she worked for the Indiana Department of Child Services as a Family Case Manager and later proceeded to work with the DCS older youth services initiative Collaborative Care. In this role Amy assisted with program development and implementation, while overseeing life skills training and increasing independence for former foster youth. She earned a Bachelor of Arts in Sociology and a minor in Psychology from Indiana University. In her current role, Amy oversees the program management and operations for the Indiana ABLE Authority. She believes offering a qualified ABLE program in Indiana will dramatically impact and improve the lives of individuals with disabilities.
Britt Sutton serves as the President and CEO of ArtMix in Indianapolis. She has long been an advocate for individuals with developmental disabilities, serving in a number of important positions. After working as an Applied Behavioral Analysis (ABA) therapist for children with Autism Spectrum Disorders, Britt focused in healthcare law, non-profit law, advocacy, and policy while pursuing her juris doctorate. Britt served as the Director of Policy for the Indiana Bureau of Developmental Disabilities Services where she specialized in administrative law and policy composition for the Indiana Medicaid Home and Community Based Services Waiver programs. Britt was the Associate Director of the Hall Center for Law and Health at Indiana University Robert H. McKinney School of Law where she also served as an adjunct professor for the LEND Legal Fellows program. In her personal time, Britt enjoys taking dance classes, exploring the Cultural Trail with her corgi Augie, watercolor painting and spending time with her husband, Samuel Rothstein, Assistant Principal Clarinetist and Bass Clarinetist of the Indianapolis Symphony Orchestra.
Published March 17, 2021