(1) For any assistance program for which financial eligibility is determined under this act, the department shall disregard in its financial eligibility determination money associated with a designated beneficiary's ABLE savings account, including, but not limited to, all of the following:

    (a) Money in a designated beneficiary's ABLE savings account.

    (b) Earnings on money in a designated beneficiary's ABLE savings account.

    (c) Contributions to a designated beneficiary's own ABLE savings account.

    (d) Distributions from an ABLE savings account for the designated beneficiary's qualified disability expenses.

    (2) As used in this section, "ABLE savings account", "designated beneficiary", and "qualified disability expenses" mean those terms as defined in section 2 of the Michigan achieving a better life experience (ABLE) program act.