Omaha, Neb. - Nebraska will be one of the nation’s first states to put forth special tax-free savings accounts to people with disabilities.
The enable savings plan will launch June 30.
It will allow adults with disabilities and their families to save up to $100,000 without losing any Social Security benefits.
Supporters of the new plan say the plan will help them save for medical, housing and educational needs.
Under the previous state law, adults with disabilities could lose Medicaid coverage and social security if they accumulated over $2,000 in assets.
State Treasurer Don Stenberg says Ohio and Tennessee launched similar plans earlier in June, but Nebraska’s is still among the first.
Residents from other states can also sign up for Nebraska’s plan.
The First National Bank of Omaha will manage the program.