How do I change my address? ›

If you’re the beneficiary of an account, or an Authorized Legal Representative, you can update your address directly from your profile, accessible through the dashboard. As an ALR, you can manage a beneficiary’s address (where all statements and communications are sent if you select to receive them by snail mail), by editing the account information in the account details. When you update an ABLE account’s address, there’s a 30-day hold for all check withdrawals requested with the Withdrawal Form or by calling customer service. Withdrawals made online are not affected.
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How does gifting work? ›

To help friends and family grow a loved one’s ABLE account, we created a special Gifting Form to facilitate the process. Fill out the information about the beneficiary and their ABLE account, and include a check of at least $10 made payable to the Oregon ABLE Savings Plan with the amount you want to gift. The money will go directly into their ABLE account, without affecting their benefits. Then, mail the check and the top part of the form to the address included. As a final step, you can give the detachable gift certificate to the beneficiary for their records.We’re working on a faster, simpler way to gift money online. Check back soon to try it out. 
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How do transfers work? ›

The next time you make a contribution or a withdrawal, the money will be distributed to help you reach your original target allocation.Let’s say your target allocation is 70% invested and 30% in cash. If you contribute $100 to start off the account, $70 will be invested. Overtime, that investment could grow to be $80. Now, your total balance is $110 and your allocations are 72% invested and 28% in cash, because an investment can grow quicker than cash.In this instance, money will be added to the cash option first to help it go back to 30%, and the rest of the money will be allocated based on your target allocation The same thing happens when you withdraw money. The goal is to maintain your original target allocation.
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What type of disabilities qualify for an account? ›

Any disability that qualifies for SSI or SSDI or blindness that developed before the age of 26 is eligible for an ABLE account. Some of the conditions recognized by the Social Security Administration that could qualify based on the level of severity include: blindness, Down Syndrome, hearing loss (deafness), epilepsy, autism/Asperger and more. Those who don’t receive social security benefits are still eligible if they can get a signed Diagnosis Form from a licensed physician. 
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When can I get a prepaid card? ›

You can sign up for the Oregon ABLE Prepaid Card once you have an Oregon ABLE Savings Plan account.  There’s a low monthly fee of $1.25 and no credit check or transaction fees. It’s easy to load and use money from the ABLE account for eligible expenses. Also, you can manage your balance and activity online. For help managing your prepaid card account, check out these frequently asked questions.
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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 the 2017 legislative session, Medicaid in Oregon cannot file a claim for a payback on funds that were previously in an ABLE account of a deceased beneficiary. 
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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 is the manager. If you want to change the Authorized Legal Representative for the account, give us a call at 1-844-999-ABLE, 9-5 PT or 1-844-888-ABLE for TTY, 6-5 PT.  
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How do I withdraw money? ›

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How do I add money? ›

Once your bank is connected, you can make a contribution of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month.Checks are also welcome.Make your checks payable to: Oregon ABLE Savings Plan and mail them to: Oregon ABLE Savings PlanPO Box 9891Providence, R.I. 02940-8091 96 Normal 0 false false false EN-US X-NONE X-NONE ...
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Can I change how my money is allocated? ›

You can change the allocation of future contributions up to twice per year.  Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your allocation of future contributions, that counts towards your twice a year limit. Head over to your account and decide how much of your future contributions you want to save in the cash option and/or investment. 
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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 usually take 2-7 business days to complete depending on how the money is allocated.
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What is a cash option? ›

A cash option is a conservative alternative to investing. If you plan on spending money from the account in the near future, this option is faster to withdraw. Your assets are protected in an FDIC-insured account. Keep in mind that with a low level of risk there’s also a lower level of returns. See the Plan Disclosure Booklet for more information on FDIC insurance.
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Can I change my investment option? ›

Yes, you can change your investment option up to twice per year.  Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your investment option, that counts towards your twice a year limit.   If you do make a change to your investment option, we’ll sell your units in the original option and use the proceeds to buy units in the new one.  You can also use this form. 
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How do I choose an investment option? ›

If you decide to invest all or some of the money, there are three investment options to pick from: ABLE Conservative, ABLE Moderate and ABLE Aggressive. Each one has its benefits and limitation. We can help educate you on the differences between the three, but we can’t tell you which one to pick. You can learn more about these options on the How it Works page and the Plan Disclosure Booklet. 
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Are there any limits to how much I can contribute? ›

There’s a $14,000 yearly limit and a lifetime maximum value of $310,000 for each ABLE account. When you reach the limit, you can still accrue earnings, but won’t be able to add money until the balance dips below $310,000.  There’s also a limit of $100,000 before funds start to count against your $2,000 asset limit for SSI.Remember: all contribution and withdrawals must be at least $10.
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How does the account work? ›

Everything can be managed online. The money can be saved in a cash option and/or invested in one of the three investment options offered: ABLE Conservative, ABLE Moderate and ABLE Aggressive. These choices are made during the account setup. By law, you can only make investment changes on your account twice a calendar year, and this includes changes to the allocation between cash/investment or changes to the investment option. Contributions and withdrawals can be initiated whenever you want.
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