New Accounts Would Provide Financial Security for the Disabled (Rep. Ander Crenshaw)

The Financial Security Accounts for Individuals with Disabilities Act was inspired by the parents of a child with Down Syndrome who brought the need for these special accounts to my attention.  They, like all American parents, had one goal in mind – to help provide for the future of their child.  Existing savings tools simply do not address these special needs.

According to the U.S. Census Bureau, nearly 1 in 5 Americans – or 53 million people – said they had some level of disability, while 1 in 8 – or 33 million – reported they had a severe disability. My legislation would create a tax exempt Financial Security Account (FSA) that could be used for expenses related to a disabled beneficiary including: education, medical and dental care, community based support services, employment training and support, moving, assistive technology, and, after the age of 18, housing and transportation.

This new account would be the first of its kind – one that actually address these needs.  For individuals with disabilities and their families, the future is always uncertain.  These accounts would help provide some security and a way to help families support both their child’s needs today and well into adulthood.