FAQs
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- ALR
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- How it Works
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- Can I close and transfer my Oregon ABLE Savings Plan to a different ABLE account?
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Yes, but you can make only one rollover every 12 months. Use the ABLE plan’s rollover forms to start the process.
- What’s the difference between an investment and saving in a cash option?
- Money saved in a cash option could earn minimal interest. The numbers will fluctuate slightly based on the interest rate of the US capital markets. With an investment, you can choose which portfolio to invest in based on your needs, and there’s a change of your money growing over time. Withdrawals... 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 his or her estate to repay any outstanding eligible expenses or funeral and burial costs. Remaining funds will be transferred to the estate of the beneficiary. Due to the passage of Senate Bill 1027 during... Read more
- Are there any limits to how much I can contribute?
- Standard Contribution Limit There’s an $18,000 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 someone else access my account?
- To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative (ALR) is the manager. If you want to change the ALR for the account, give us a call Monday through Friday, at 1-844-999-2253, 9am-5pm PT. If you would like... Read more
- 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 If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI...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
- What qualifies as an eligible expense?
- There’s a wide range of eligible expenses that cover most costs associated with living with a disability. As long as the expense helps maintain or improve the health, independence, or quality of life of the person living with a disability, it can qualify as an eligible expense. The federal... Read more
- How do I choose an investment option?
- If you decide to invest all or some of the money, there are three investment options to pick from: ABLE Conservative, ABLE Moderate, and ABLE Aggressive. Each one has its benefits and limitation. We can help educate you on the differences between the three, but we can’t tell you which one to... Read more
- How do I add money?
- Once your bank is connected, you can make a contribution of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month. It takes 2-7 business days for online transfers to be... Read more
- Can I change my investment option?
- Yes, you can change your investment options twice per year. This includes both allocation and investment option changes. If you do make a change to your investment option, we’ll sell your units in the original option and use the proceeds to buy units in the new one. You can make changes in your... Read more
