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
- 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 As long as the money withdrawn is used for eligible...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
- How can I roll over the funds in my Oregon ABLE account into another ABLE account?
- We'd be sorry to see you go! You can choose to roll over part or all the funds in your Oregon ABLE Savings Plan account into another ABLE plan by filling out a rollover form from your new ABLE Savings Plan. Keep in mind that if you roll over your entire account balance, your Oregon ABLE account... Read more
- 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 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 their estate to repay any outstanding eligible expenses and 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... 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 $19,000 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 I give other individuals access to my account?
- Only you, the Oregon ABLE account owner, should access your account online with your email and password. For security reasons, you should not share your login information with anyone unless they are your Authorized Legal Representative (ALR). If you want to change the ALR for your account, give us... 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.
- Can I use funds to pay for housing or rent?
- You can use money from an ABLE account for housing expenses. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8. If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI... Read more
