Parents of college-bound kids have a variety of helpful savings tools at their disposal, including 529 plans that provide distinct tax advantages. Those accounts are specially designed to allow parents to provide university education to their children. Until now, though, parents of disabled children have been left out of such programs, despite a clear need for a different savings system for medical costs.
A popular Pennsylvania senator has introduced a bill that would change the way Social Security Disability money is handled by parents of disabled children. Those families would also be eligible for a 529-like plan, according to Sen. Bob Casey (D-Penn.). Parents would be permitted to set aside money for medical care, special education, support services, housing and transportation needs, according to the measure. Nearly 30,000 people near the Capital Region alone would be eligible for such a plan, with about 1,500 autistic children benefitting from the new proposal.
