SPRINGFIELD, Mo. CoxHealth employees with disabilities now have an opportunity to use a new direct deposits program, making it easier for them to save money.
MMO ABLE is a program designed to help employees with disabilities or employees who are parents of children with disabilities save for their child’s future.
Missouri state treasurer Scott Fitzpatrick announced a new partnership with CoxHealth today about this program.
He said saving money is hard for people with disabilities and their families due to federal regulations and restricted assets.
This announcement also encourages people to save for the future as part of financial literacy month.
It allows eligible applicants to save up to $15,000 per year tax-free without losing federal benefits.
“Whether you’re contributing for the family member, or you’re a person living with a disability is able to work and earn money yourself, those contributions are tax-deductible for Missouri income tax purposes,” said Fitzpatrick, “it operates the same way you get a state tax deduction, for your contributions and in the interests or the earnings on the account. Grow tax-free. I would also recommend anybody who is paying to send their child to private schools should open an account right now.”
“This program actually solves two issues, we have a number of individuals in our community and our state as we know that have developmental challenges, and to be an employer that is one, able to offer meaningful employment to them, and at the same time have a program that allows them to set aside resources for when they really need it, is an awesome opportunity,” said Andy Hedgepeth, vice president of human resources, “have a program that allows them to set aside resources for when they really need it, is an awesome opportunity, and we’re quite thrilled to be a part of this.