Your benefits are here to stay
When you open an account, you won’t lose your state or federal benefits.
An ABLE account is meant to help supplement your current benefits with a way to save for eligible expenses. If you’re receiving SSI (Supplemental Security Income), you can have up to $100,000 in the account without it counting towards the $2,000 asset limit. If you choose to go over the $100,000 limit, your SSI benefits will be suspended, but you’ll still be eligible for all other benefits (such as Medicaid). Once your balance drops below the limit, your SSI benefits will resume as normal.
Get more of the things you need
The money in the account can be used for a lot of everyday expenses, even housing and rent.
Save and invest tax free
Both the earnings from your ABLE account and the money withdrawn for eligible expenses are tax free. Any money added to the account could qualify for a state income tax deduction if the beneficiary is under 21 years old, which means you’ll have even more saved for the future.
It’s like an ABLE account in your pocket
You can load an Oregon ABLE prepaid card with money withdrawn from the account and use it for eligible expenses whenever and wherever you want.