FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- 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), and Medicaid for their basic needs, but this assistance can be limiting. Those receiving much needed benefits, like SSI, are... Read more
- Does having an ABLE account affect my other benefits?
- No. When saving with an ABLE account, you can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.). There is a maximum value of $400,000 for each ABLE account, at which point you can still accrue earnings, but you won’t be able to make additional... 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?
- No. If the money in your ABLE account is used to pay for qualified expenses, it won’t be counted as income for your state or federal taxes. The definition of a qualified expense for ABLE is broad, inclusive of anything that impacts the person with a disability’s health, independence and quality of... 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
- Are there any contribution limits?
- Yes. There's a minimum $25 contribution to open an Oregon ABLE account, and then any subsequent transactions — including contributions, withdrawals, bank transfers, and gifts — need to be at least $5 each. Individual online contributions are capped at the annual ABLE contribution limit for the... 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
- Can I use funds to pay for housing or rent?
- Yes, you can use the money in your Oregon ABLE account to pay 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), please note that money withdrawn from your ABLE account must be used... Read more
- Who is Vestwell?
- The Oregon Treasury Savings Network, part of the Oregon State Treasury, administers and oversees the Oregon ABLE Savings Plan. Vestwell State Savings, LLC, is the plan manager for Oregon ABLE and provides the online platform for ABLE account holders. Vestwell Holdings, Inc. is backed by some of the... Read more
- What is considered a “qualified expense”?
- Most expenses related to the costs associated with living with a disability qualify as an eligible expense. The expense must simply help maintain or improve the health, independence, or quality of life of the person living with a disability. Some of the most common qualified expenses as defined by... Read more
