INDIANAPOLIS (WANE) — On Tuesday, Treasurer of State Kelly Mitchell announced a new incentive for Indiana residents covered by Anthem’s Hoosier Care Connect program.
“Beginning April 1, Anthem will offer a $25 contribution to all qualified members with an INvestABLE Indiana account or help you open an account to receive the one-time deposit,” the office said.
To qualify for this incentive, Hoosier Care Connect members enrolled with Anthem must be eligible for an INvestABLE Indiana account, the press release said. In addition, the member must have opened the account within the past 12 months or may open a new account. To open an account, you must certify your disability was present before age 26 and are blind or eligible to receive Social Security benefits (SSI or SSDI) or have a similarly significant disability.
“We are thrilled to partner with Anthem and are grateful for their support of both Hoosiers with disabilities and INvestABLE Indiana,” said Amy Corbin, Indiana ABLE Authority Executive Director. “Anthem’s promotion of INvestABLE Indiana links their Hoosier Care Connect members to the benefits of ABLE accounts which allow individuals with disabilities to achieve financial empowerment and independence to live their best lives.”
INvestABLE Indiana offers seven investment options, including:
- A checking account option with a debit card. Up to $15,000 per year can be saved in an account, with a maximum account balance of $450,000.
- For individuals receiving Supplemental Security Income (SSI), they can save up to $100,000 in their INvestABLE Indiana account and not risk losing their monthly SSI benefit.
- Money can be withdrawn and spent on qualified expenses or INvestABLE Indiana account holders can choose to grow their finances and create long-term savings with tax-free earnings.
- Contributions and earnings in INvestABLE Indiana accounts are not subject to federal or state income tax if spent on qualified expenses. Contributions are made with post-tax dollars.
More information about INvestABLE Indiana, including how to open an account, can be found here.