Fitzpatrick Working for Individuals with Disabilities
Doubles size of MO ABLE program in less than two years
Above, Missouri State Treasurer Scott Fitzpatrick, a Barry County native, visits with employees during a tour of Lafayette Industries in St. Louis in April.
December 30, 2020
Sheila Harris
Since taking over the office of State Treasurer in January of 2019, Scott Fitzpatrick, a Barry County native, has been on a mission to raise awareness about Missouri’s MO ABLE, a program which allows individuals with disabilities to save for the future without fear of losing federal Medicaid and SSI benefits.
Fitzpatrick’s efforts are paying off. In less than two years, the MO ABLE program has doubled in size, according to announcement made by the Treasurer’s office this week.
“We had 906 accounts when I took office; today we have 1,826 accounts, and over $13 million in assets under management,” Fitzpatrick said.
ABLE stands for Achieving a Better Life Experience and was initially created to give individuals with disabilities and their families the opportunity to save for the future. MO ABLE accounts are investment accounts, similar to 529 college savings accounts or 401(K) retirement accounts. While the money can still be withdrawn and spent on qualifying expenses as needed, a MO ABLE account also allows for a tax-free return on investment and state income deductions for contributions.
Launched in 2017, MO ABLE is Missouri’s ABLE plan, part of the larger federal ABLE program. It’s now one of the largest in the nation, thanks to the efforts of Treasurer Fitzpatrick and his staff.
Fitzpatrick is committed to fostering inclusion in the work place for those with disabilities. One way he is doing this is by encouraging businesses to add payroll deductions for MO ABLE accounts, allowing individuals with disabilities and their families equal opportunities for saving. He is working with Chambers of Commerce across the state to facilitate outreach to businesses to encourage them to add payroll deductions for MO ABLE accounts.
“CoxHealth was the first organization to add payroll deductions for MO ABLE in 2019,” Fitzpatrick said.
Other employers have followed suit since then, including several universities.
“I’ve been traveling to every corner of the state speaking with parents, with centers for independent living, with public administrators - basically, with any group my staff and I can educate about the availability of this savings plan,” Fitzpatrick said. “MO ABLE is a program that can improve the day-to-day lives of Missourians.”
Although individuals with a disability must meet certain requirements in order to be eligible, the list of qualifying conditions is extensive and the requirements fairly easy to meet. In fact, application for the program may be made online, with no in-person visits to urban offices required, as long as individuals have documentation of a physician-certified disability.
Certain mental health conditions also qualify as a disability.
A current requirement states that a person must have become disabled when they were age 26 or younger. As the recently-named Legislative Chair for the National Association of State Treasurers (NAST), where he will serve on the Executive Committee, Fitzpatrick hopes to see that qualifying age raised to 46 through his continued advocacy for support of the ABLE Age Adjustment Act.
“Since taking office, I’ve worked hard to spread the word about this valuable program,” Fitzpatrick said. “To have doubled the program in less than two years is gratifying, but there’s still more education to be done.”
Part of the hurdle, Fitzpatrick said, is getting people over their fear of the unknown.
“I know what it’s like trying to get services lined up,” he said, “but I just want individuals with disabilities and their families to know this program is designed to help them with living expenses and to improve the quality of their lives. The program is here to be used.”
More information about the MO ABLE program can be found at www.moable.com.
Sheila Harris
Since taking over the office of State Treasurer in January of 2019, Scott Fitzpatrick, a Barry County native, has been on a mission to raise awareness about Missouri’s MO ABLE, a program which allows individuals with disabilities to save for the future without fear of losing federal Medicaid and SSI benefits.
Fitzpatrick’s efforts are paying off. In less than two years, the MO ABLE program has doubled in size, according to announcement made by the Treasurer’s office this week.
“We had 906 accounts when I took office; today we have 1,826 accounts, and over $13 million in assets under management,” Fitzpatrick said.
ABLE stands for Achieving a Better Life Experience and was initially created to give individuals with disabilities and their families the opportunity to save for the future. MO ABLE accounts are investment accounts, similar to 529 college savings accounts or 401(K) retirement accounts. While the money can still be withdrawn and spent on qualifying expenses as needed, a MO ABLE account also allows for a tax-free return on investment and state income deductions for contributions.
Launched in 2017, MO ABLE is Missouri’s ABLE plan, part of the larger federal ABLE program. It’s now one of the largest in the nation, thanks to the efforts of Treasurer Fitzpatrick and his staff.
Fitzpatrick is committed to fostering inclusion in the work place for those with disabilities. One way he is doing this is by encouraging businesses to add payroll deductions for MO ABLE accounts, allowing individuals with disabilities and their families equal opportunities for saving. He is working with Chambers of Commerce across the state to facilitate outreach to businesses to encourage them to add payroll deductions for MO ABLE accounts.
“CoxHealth was the first organization to add payroll deductions for MO ABLE in 2019,” Fitzpatrick said.
Other employers have followed suit since then, including several universities.
“I’ve been traveling to every corner of the state speaking with parents, with centers for independent living, with public administrators - basically, with any group my staff and I can educate about the availability of this savings plan,” Fitzpatrick said. “MO ABLE is a program that can improve the day-to-day lives of Missourians.”
Although individuals with a disability must meet certain requirements in order to be eligible, the list of qualifying conditions is extensive and the requirements fairly easy to meet. In fact, application for the program may be made online, with no in-person visits to urban offices required, as long as individuals have documentation of a physician-certified disability.
Certain mental health conditions also qualify as a disability.
A current requirement states that a person must have become disabled when they were age 26 or younger. As the recently-named Legislative Chair for the National Association of State Treasurers (NAST), where he will serve on the Executive Committee, Fitzpatrick hopes to see that qualifying age raised to 46 through his continued advocacy for support of the ABLE Age Adjustment Act.
“Since taking office, I’ve worked hard to spread the word about this valuable program,” Fitzpatrick said. “To have doubled the program in less than two years is gratifying, but there’s still more education to be done.”
Part of the hurdle, Fitzpatrick said, is getting people over their fear of the unknown.
“I know what it’s like trying to get services lined up,” he said, “but I just want individuals with disabilities and their families to know this program is designed to help them with living expenses and to improve the quality of their lives. The program is here to be used.”
More information about the MO ABLE program can be found at www.moable.com.
