OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Achieving a Better Life Experience Act

Floor Speech

Date: Dec. 3, 2014
Location: Washington, DC
Issues: Taxes Health and Health Care

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Mr. SMITH of New Jersey. Mr. Speaker, I rise today to express my strong support for the Achieving a Better Life Experience Act or ``the ABLE Act,'' legislation I cosponsored that is designed to improve the quality of life for individuals with disabilities by assisting in long-term financial planning.

As the founder and co-chair of the Coalition for Autism Research and Education, I understand the financial demands of raising a child with support needs. Education, housing, transportation, employment support, medical care, and other life expenses can quickly add up for persons with disabilities.

A study published this year in the Journal of the American Medical Association (JAMA) Pediatrics found that the lifetime cost for an individual with ASD averages $1.4 million. These costs jump to $2.4 million when autism involves intellectual disability--an estimated 40 percent of individuals with autism also have intellectual disability.

Unfortunately, under current law, saving more than $2,000 jeopardizes access to services and supports, such as Social Security and Medicaid. If enacted, the ABLE Act--which establishes tax-exempt accounts, similar to the current 529 Education Savings Plans--will no longer force parents to choose between saving for their child's future and sacrificing the assistance their child requires.

I commend Speaker Boehner for bringing this bill to the floor today. It is especially timely for the autism community as we continue to address the looming crisis of aging out. Every year, 50,000 age-out of their support system and into a society that disincentivizes employment and financial security. Enactment of my legislation--the Autism CARES Act--earlier this year began the conversation of how to better address the needs of individuals with ASD who are aging out and we have much work to do.

The ABLE Act is a step in the right direction. While I have concerns regarding the Medicare physician services offsets, ABLE accounts are a sensible and fiscally responsible tool that will benefit some of the most vulnerable members of our society. It is a smart piece of legislation to assist families in saving and planning for the long-term needs of individuals with disabilities and a more secure future. I urge my colleagues to support this bill.

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