The 350-thousand Iowans with disabilities may have a better financial future thanks to a new federal law called the ABLE Act, short for Achieving a Better Life Experience. Advocate Jewel Reynolds of Des Moines says the new law, which President Obama signed in late December, will allow people with disabilities to save more money without a risk of losing their government benefits.

Previous rules said a person would lose eligibility for government disability benefits at two-thousand dollars. The ABLE Act will allow for a savings account of up to 100-thousand dollars. Reynolds’ 30-year-old son, Adam, was born with disabilities and she says the old regulations were a tremendous burden.

The new type of savings accounts will be set up to accept contributions from family and friends. They’ll also be tax-exempt when used for a variety of expenses, including things like: accessible housing, transportation, personal assistant services, assisted technology and health care that’s not covered by insurance, Medicaid or Medicare. Reynolds is a former staff member for Iowa Senator Tom Harkin, who authored the ground-breaking Americans With Disibilities Act. Backers say ABLE is a program that supports people with disabilities living independently in their communities of choice.