FAQs
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- About ABLE
- 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
- 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 As long as the money withdrawn is used for eligible...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
- 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.
- Could saving for retirement impact my benefits?
- The short answer is, yes. Oregon workers may choose to invest in both an ABLE savings account and a separate retirement savings account, but ABLE accounts were designed to have unique protections not found with other types of savings and investment accounts. The money saved in an ABLE account is... Read more
- Will having an account make me ineligible for Medicaid?
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Nope. Having an ABLE account doesn’t count towards your eligibility for Medicaid regardless of the amount saved in the account.
- What is the Oregon income tax credit?
- All Oregon taxpayers who contribute to one or more Oregon ABLE Savings Plan accounts can receive tax benefits up to the maximum allowable amount for that tax year. They can receive a state income tax credit up to $360 for joint filers and up to $180 for single filers on contributions made to an... Read more
