FAQs
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- ALR
- Benefits
- Contributions
- Eligibility
- Fees
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Info
- What is the ABLE Act?
- Millions of people with disabilities rely on public benefits and federal programs such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Medicaid, and others for their living and basic needs, but even those benefits can be limiting. Those receiving much needed... Read more
- Does having an account affect my other benefits?
- Nope. You can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.) with an ABLE account. If you receive SSI, there is a $100,000 limit before funds start counting against your $2,000 asset limit. As long as the money withdrawn is used for eligible... Read more
- Can I close and transfer my Oregon ABLE Savings Plan to a different ABLE account?
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Yes, but you can make only one rollover every 12 months. Use the ABLE plan’s rollover forms to start the process.
- Do I have to pay taxes on my account?
- As long as the money in your ABLE account is used for eligible expenses, it won’t be counted as income for your state or federal taxes. If a purchase doesn’t qualify as an eligible expense, you’ll have to pay taxes on the earnings and a 10% penalty on the earnings. If you want to know more about... Read more
- What’s the difference between an investment and saving in a cash option?
- Money saved in a cash option could earn minimal interest. The numbers will fluctuate slightly based on the interest rate of the US capital markets. With an investment, you can choose which portfolio to invest in based on your needs, and there’s a change of your money growing over time. Withdrawals... Read more
- What happens after the death of a beneficiary? Is there a Medicaid payback?
- In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. Remaining funds will be transferred to the estate of the beneficiary. Due to the passage of Senate Bill 1027 during... Read more
- How can I use the money in my ABLE account?
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You can withdraw money from the account and use it for eligible expenses which cover most costs associated with living with a disability. See the approved categories for more details about qualified expenses.
- Are there any limits to how much I can contribute?
- Standard Contribution Limit There’s an $18,000 yearly limit for standard contributions. This includes any gift contributions made to your account. ABLE to Work Contribution Limit If a beneficiary is working, they can save an extra amount through ABLE to Work. ABLE to Work and standard contributions... Read more
- Can someone else access my account?
- To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative (ALR) is the manager. If you want to change the ALR for the account, give us a call Monday through Friday, at 1-844-999-2253, 9am-5pm PT. If you would like... Read more
- What happens to my state and federal benefits?
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Your ABLE account can grow up to $100,000 without affecting your Supplemental Security Income (SSI) benefits. Other federal benefits are not affected, regardless of the balance in the ABLE account.
