FAQs
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- 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
- How long do transfers take?
- It takes 2-3 business days to transfer funds between your ABLE account’s Cash Option and your bank account. It takes 5-7 business days to transfer funds between your ABLE account’s investment options and your bank account. For existing ABLE Prepaid Card customers, funding scheduled before 4 pm PT... Read more
- Can organizations manage an ABLE account?
- Yes. We have a new process that allows organizations (like service providers, professional guardians, or representative payees) to act as Authorized Legal Representative (ALR) manage multiple Oregon ABLE accounts. It is up to the person with a disability to decide if they want an organization to... Read more
- Are contributions considered to be an asset?
- The money in the account isn’t considered to be an asset for state and federal benefit purposes. This includes SSI, Medicaid, HUD housing assistance, SNAP, FAFSA applications, and more. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the account before the funds... Read more
- What’s the difference between an investment and saving in a Cash Option?
- Money saved in the Cash Option could earn minimal interest. The numbers will fluctuate slightly based on the federal interest rate. Money saved in the Cash Option is FDIC-insured up to $250,000, which means the money you save will be there when you want to take it out. It takes 2-3 business days to... Read more
- What is the Cash Option?
- The Cash Option is a conservative alternative to investing. It is most similar to a savings account that you would find at a local bank or credit union. Your assets (up to $250,000) are protected in an FDIC-insured account, which means the federal government guarantees you will not lose the money... Read more
- Who owns the account?
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If the account is for yourself, the money and funds are yours. If an Authorized Legal Representative (ALR), such as a parent or guardian, opened and managed the account for a beneficiary, the money still belongs to the beneficiary.
- Can I transfer an existing ABLE account into my Oregon ABLE Savings Plan?
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Yes, you can use the ABLE to ABLE rollover form to get started. Keep in mind that you can make only one rollover every 12 months. An ABLE account can also be rolled over to an eligible member of the family if the rollover happens before the death of the original beneficiary who opened the account.
- What is a prepaid card?
- Simply put, you add funds to a prepaid card and then use it to make purchases — either online or in-store. With an ABLE Visa® Card, you can: Make purchases everywhere Visa is accepted Add funds from your ABLE account and reload the card as needed Have peace of mind that your funds are FDIC... Read more
- Is money on the prepaid card counted as an asset for benefits?
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Just like the funds in your ABLE account, the funds on your ABLE Visa® Prepaid Card do not count as an asset for state or federal benefits.
- Can an Authorized Legal Representative and beneficiary both have a card?
- If you’re the Authorized Legal Representative (ALR) for someone, you can order a card for yourself to make purchases for the beneficiary, a card for the beneficiary, or both. Each card has its own balance and spending controls, so you decide how funds will be used. The beneficiary will not have... Read more
