Tennessee House Bill HB0371

Tennessee 2023-2024 Regular Session

• Introduced: 1/23/23
• Refer: 2/1/23
• Refer: 2/14/23
• Refer: 2/21/23
• Chaptered: 3/23/23
• Passed: 3/23/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 71, Chapter 4, Part 8, relative to qualified ABLE accounts.

Impact

The implications of HB 371 are significant for individuals with disabilities who utilize ABLE accounts to save for their future needs without affecting their eligibility for certain government benefits. The bill is designed to ensure that beneficiaries or their families retain the remaining account balance rather than having it claimed by the state for past medical expenses, which can fundamentally alter the financial landscape for many individuals and families in Tennessee.

Summary

House Bill 371 aims to amend the Tennessee Code Annotated, specifically Title 71, Chapter 4, Part 8, regarding qualified ABLE (Achieving a Better Life Experience) accounts. The bill seeks to provide clarity in how the state handles account balances remaining in these accounts following the death of the designated beneficiary. Under the proposed changes, the state would be prohibited from seeking recovery of any remaining funds for medical assistance provided to the beneficiary after the account's establishment, except where federal law mandates such action.

Sentiment

General sentiment regarding HB 371 appears to be positive as it aligns with the interests of advocates for the disabled and families utilizing ABLE accounts. Supporters of the bill argue that it protects vulnerable individuals from losing financial resources needed for their ongoing care and promotes the overall purpose of ABLE accounts, which is to provide financial stability and independence for people with disabilities.

Contention

While the discussions around the bill have not indicated major contention, a notable point of consideration may be the potential implications regarding compliance with federal laws governing ABLE accounts. Lawmakers may seek to ensure that state provisions do not conflict with federal mandates while balancing the interests of beneficiaries against the state's need to manage its financial resources effectively.