Safeguarding Finances and Achieving Goals
A small team of professionals in the Arc’s finance department watch over and manage the financial resources of 200+ people in our Community Living services, making it possible to protect their benefits, save for special vacations, and manage all their financial goals and obligations. Assistance ranges from weekly reviews of bills, asset limits, and spending needs to purchasing travel tickets or burial insurance. Staff counsel people individually so they can make their own decisions and manage resources as independently as possible. Others get full-service financial support.
A major focus of the management of funds team is protecting benefits that may include Social Security programs, Medicaid, SNAP, and public housing. The asset limit for some programs is as low as $2000, and while many people we support were not spending money like they normally would during COVID, that meant they bumped up close to the limit and risked losing their benefits. Fortunately, the team established 160 Maryland ABLE accounts so that individuals could invest their funds in a tax-free account that saved them from losing their benefits – and invest for the future.
The team’s efforts allow many supported by The Arc to achieve their goals, have what they need, and enjoy a splurge now and then.