Can I change my investment option?

Yes, you can change your investment option up to twice per year. Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your investment option, that counts towards your twice a year limit. 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 also use this form. 
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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 pick. You can learn more about these options on the How it Works page and the Plan Disclosure Booklet.
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Are there any limits to how much I can contribute?

Standard Contribution LimitThere’s an $18,000 yearly limit for standard contributions, this includes any gift contributions made to your account. Remember, there is a $10 contribution minimum.ABLE to Work Contribution LimitWith ABLE to Work, if a beneficiary is earning wages from employment, they can contribute an amount equal to the beneficiary’s current year gross income up to $14,580, in addition to the yearly contribution limit of $18,000.If the beneficiary or their employer is contributing to a defined contribution plan (401(k)), annuity plan (403(b)), or deferred compensation plan (457(b)) this calendar year, the beneficiary is not eligible to make ABLE to Work contributions.Lifetime Maximum ValueThere is a lifetime maximum value of $400,000 for each ABLE for ALL Savings Plan ...
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How does the account work?

Everything can be managed online. The money can be saved in a cash option and/or invested in one of the three investment options offered: ABLE Conservative, ABLE Moderate and ABLE Aggressive. These choices are made during the account setup. By law, you can only make investment changes on your account twice a calendar year, and this includes changes to the allocation between cash/investment or changes to the investment option. Contributions and withdrawals can be initiated whenever you want. 
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Can I use funds to pay for housing or rent?

Yes, you can use money from an ABLE account for housing expenses. 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 eligibility. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8.
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What qualifies as an eligible expense?

There’s a wide range of eligible expenses that cover most costs associated with living with a disability. Some of these include: living expenses, education, housing, transportation, employment, vacation, job training, career support, assistive technology, personal support services, health, prevention, wellness, financial management, administrative services, legal fees, funeral costs, burial expenses and more. 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.
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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 expenses, it won’t count towards the limit.Don’t forget that all housing expenses must be paid in the same month the money is withdrawn to keep your benefits. All other benefits, like Section 8, are protected regardless of the amount saved in the account. 
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What kind of benefits do I get?

One of the main benefits of having an ABLE account is being able to save for eligible expenses and invest for the future in a tax-advantaged account. The account’s growth is tax free and you may qualify for a state income tax deduction, depending on where you live. As long as your balance stays below the $100,000 Supplemental Security Income (SSI) limit, you can keep your SSI benefits and still qualify for Medicaid and other federal benefits (regardless of the amount saved in your account). You'll also get access to a simple and intuitive online platform to manage your account.
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How do I know if I’m an Authorized Legal Representative (ALR)?

An Authorized Legal Representative (ALR) is someone who is legally authorized under state and federal law to make decisions for the beneficiary. You’re an ALR if you are selected by the eligible beneficiary with legal capacity, you have Power of Attorney, are a conservator or legal guardian, are a spouse, parent, sibling, or grandparent, or are a representative payee (individual or organization), in that order of priority. If you don’t currently have Power of Attorney for a beneficiary, you can find more information here.
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