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
- 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.
- Can a Social Security Representative Payee open an ABLE account for a beneficiary?
- If you’re an eligible beneficiary with a Representative Payee, you can open an account for yourself. To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (anyone who is selected by the eligible beneficiary with legal capacity,... Read more
- Who can open an Oregon ABLE account?
- Any adult with a qualifying disability that developed before the age of 26 and resides in the state of Oregon can open and manage an Oregon ABLE account. Oregon ABLE accounts were designed to be managed by the person with a disability. Please note, with the passage of new federal legislation, the... Read more
- How will transfers show up in my bank account?
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All types of transfers usually take between 2-7 business days to complete and will appear as Vestwel on your bank account statements.
- What happens if the beneficiary is no longer eligible for an account?
- We recognize that sometimes conditions are considered to be a disability by Social Security, and sometimes they are not. When you no longer qualify for an ABLE account, you should log in to your account dashboard and update your eligibility status from the settings menu. Note: If the beneficiary... Read more
- 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
- What are the benefits of an Oregon ABLE account?
- The Oregon ABLE Savings Plan offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. When you make contributions to an Oregon ABLE account, your money has the chance to grow and earn interest, tax-free. And unlike many other investment... Read more
- What type of disabilities qualify for an ABLE account?
- Any disability that meets the criteria for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI), and 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... Read more
- What tax credits could I qualify for?
- You can earn up to $360 in the form of a refundable tax credit on your Oregon state income taxes for your Oregon ABLE contributions. Learn more here. Some ABLE savers qualify for the Saver’s Credit on their federal taxes. Learn more about who qualifies at the IRS’s website. Many savers also likely... Read more
- Are there age restrictions to open an ABLE account?
- To open an ABLE account, you must be an adult with a qualifying disability or blindness that developed before the age of 26. Your current age doesn’t impact your eligibility to open an account. Please note, with the passage of new federal legislation, the age of onset for disability will be raised... Read more
