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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. If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon the beneficiary’s death and any premiums paid as part of the Medicaid Buy-In Program can be deducted from the balance left. The Medicaid recovery is calculated from the date the beneficiary opened the ABLE account.
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Are contributions considered to be an asset?

The money in the account generally isn’t considered to be an asset for state and federal benefit purposes. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 limit.
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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 1-844-394-2253 from 9am-8pm ET.
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How do I withdraw money?

You can make withdrawals of at least $10 at any time online. A transfer can take between 2-7 business days to complete, depending on how the money is allocated. If you request a check, a $2.50 fee will be deducted from the check amount.  You’ll get the payment in 5-7 business days.  If you request a full withdrawal, your account will still be open and active, but the balance will be $0 until you add money to it. To close the account for good, give us a call.
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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.You can also make a contribution by check. Make your check payable to: ABLE for ALL Savings PlanDownload and complete a Contribution FormMail the check and completed form to:ABLE for ALL Savings PlanPO Box 9891Providence, R.I. 02940-8091Keep in mind that when you make a contribution, you must wait 5 business days before you can withdraw the money. Additionally, you must wait 20 business days before you can withdraw funds from a gift contribution.
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Can I change how my money is allocated?

You can change the allocation of future contributions 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 allocation of future contributions, that counts towards your twice a year limit. Head over to your account and decide how much of your future contributions you want to save in the cash option and/or investment. 
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What’s the difference between an investment and 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 usually take 2-7 business days to complete depending on how the money is allocated.
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What is a cash option?

A cash option is a conservative alternative to investing. If you plan on spending money from the account in the near future, this option is faster to withdraw. Your assets are protected in an FDIC-insured account. Keep in mind that with a low level of risk there’s also a lower level of returns. See the Plan Disclosure Booklet for more information on FDIC insurance.
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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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