(a) Notwithstanding any provision of the general statutes, moneys invested in an individual ABLE account, contributions to an individual ABLE account and distributions for qualified disability expenses pursuant to sections 3-39j to 3-39q, inclusive, shall be disregarded for purposes of determining an individual’s eligibility for assistance under the (1) temporary family assistance program, as described in § 17b-112, (2) programs funded under the federal Low Income Home Energy Assistance Program block grant, (3) the state-administered general assistance program, as described in § 17b-191, (4) the optional state supplementation program, as described in § 17b-600, to the extent such invested moneys, contributions and distributions may be disregarded under the federal Supplemental Security Income Program, and (5) any other federally funded assistance or benefit program, including, but not limited to, the state’s medical assistance program, whenever such program requires consideration of one or more financial circumstances of an individual for the purpose of determining the individual’s eligibility to receive any assistance or benefit or the amount of any assistance or benefit.

(b) Notwithstanding any provision of the general statutes, no moneys invested in the ABLE accounts shall be considered to be an asset for purposes of determining an individual’s eligibility for need-based, institutional aid grants offered to an individual at the public eligible educational institutions in the state.