Benefits
Save your money, keep your benefits.
Your benefits are here to stay
When you open an Oregon ABLE account, you won’t lose your state or federal benefits.
An ABLE account offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. If you’re receiving Supplemental Security Income (SSI), you can have up to $100,000 in an ABLE 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
Eligible Expenses
The money in the account can be used for a lot of everyday expenses, even housing and rent. Most costs related to living with a disability qualify as an eligible expense. The eligible expenses are geared towards improving health, independence, and quality of life.
Living expenses
Education
Housing
Transportation
Employment, training, and support
Assistive technology
Personal support services
Health, prevention, and wellness
Financial management
Administrative services
Legal fees
Oversight and monitoring
Keep track of your expenses
We don’t need to see your receipts, but the IRS might. You should keep documentation of your purchases in case the IRS asks for it, and you need to provide proof of how you spent the money from your account.
What if I buy something that doesn’t qualify?
You’ll have to pay tax on the growth, plus a 10% penalty on earnings for non-eligible expenses. Also, keep in mind that any non-qualified withdrawals are considered income for that month and could count against your eligibility for SSI benefits or Medicaid.
Save and invest tax free
Both the earnings from your ABLE account and the money withdrawn for eligible expenses are tax free. Any money contributed to the account could qualify for a state income tax credit, which means you’ll have even more saved for the future.