FAQs
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- 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 If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI eligibility.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... 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. Some of these include: living expenses, education, housing, transportation, employment, vacation, job training, career support, assistive technology, personal support services, health,... Read more
- How can I use the money in my ABLE account?
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You can withdraw money from the account and use it for eligible expenses which cover most costs associated with living with a disability. See the approved categories for more details about eligible expenses.
- Does having an account affect my other benefits?
- No. 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 As long as the money withdrawn is used for eligible... Read more
- What are the benefits of an ABLE for ALL account?
- The ABLE for ALL Savings Plan offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. When you make contributions to an ABLE for ALL account, your money has the chance to grow and earn interest, tax-free. And unlike many other investment... Read more
- What are the fees?
- There are some fees to keep the account up and running. The annual flat fee is $35, plus an annual administrative fee of 0.30% to 0.34% of the account's balance and fees for the investment option. Additional fees are added based on how you use the account: $10 per year for paper statements when... Read more
- How much does it cost to open an account?
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Opening an account doesn't cost anything. You'll need to make an initial transfer of at least $25 to get started. There are some fees to keep the lights running. Check them out here.
- Are there restrictions to open an account?
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Your current age doesn't matter if the disability or blindness developed before you were 26 years old. There's legislation proposed to raise the age, but for now you can't open an account if your disability or blindness occurred after age 26.
- Is there a minimum to open an account?
- You have to add at least $25 to get the account started. After that, you can add as little as $5 at any time. Money can be added to the cash option and/or invested. If you decide to make an investment, at least 10% of your total funds need to be invested in one of three investment options: ABLE... Read more
- What do I need to open an account?
- Make sure you have this information handy: Your email; Your birthday; Social Security Number or Tax Identification Number; Contact details; and Proof of eligibility. If you're an Authorized Legal Representative, you'll need the same information as the beneficiary's, plus your work status. If... Read more
