The Enable Savings Plan today announced a rule update in accordance with LB705, signed by Nebraska Governor Pete Ricketts on August 6, 2020. Effective November 13, upon the death of an Enable Savings Plan account designated beneficiary, the state will not seek repayment from the beneficiary’s Enable account for medical assistance that the beneficiary, a spouse or dependent received through Medicaid while the Enable account was open.
More broadly, the revised law stipulates that in the case of a designated beneficiary’s death, the owner of the Enable account or the beneficiary’s personal representative may transfer the balance of the account to another Enable account specified by the account owner, the designated beneficiary or the estate of the designated beneficiary. Prior to the revised law, this type of transfer could only occur when the designated beneficiary was alive.
“The Enable Savings Plan is an invaluable tool for financial stability and independence for families in Nebraska and nationwide, and I want to commend Nebraska State Senator Dave Murman for his hard work on this issue,” said Nebraska State Treasurer John Murante. “We are proud to implement this change in the law, which will eliminate a major concern for families – the disposition of the assets in an Enable account upon the passing of the beneficiary. We are proud to provide ways to help ease the financial burden of a loved one’s passing, allowing family to devote more time to their emotional healing.”
Launched in June 2016, the Enable Savings Plan was one of the first national ABLE savings plans offered. Enable provides tax-free savings accounts to people with disabilities, allowing them to save without affecting their eligibility for public benefits like Medicaid and Supplemental Security Income (SSI).
“The Enable Savings Plan works tirelessly to create the best possible savings resource for individuals with disabilities and their loved ones,” said Deborah Goodkin, Managing Director, Savings Plans, First National Bank of Omaha. “We are constantly energized by the diverse and joyous Enable community, and with every update we make, we strive to create a plan that best meets its present and future needs.”
Enable is a tax-advantaged savings plan to help make saving simple and affordable for individuals with disabilities. Nebraska State Treasurer John Murante serves as Trustee. First National Bank of Omaha serves as Program Manager, and investments are approved by the Nebraska Investment Council. Visit EnableSavings.com and treasurer.nebraska.gov for more information.
About First National Bank of Omaha
First National Bank of Omaha is a subsidiary of First National of Nebraska. First National of Nebraska and its affiliates have more than $23 billion in assets and 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.