FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- Who is Vestwell?
- Upward Oregon, part of the Oregon State Treasury, administers and oversees the ABLE for ALL Savings Plan. Vestwell State Savings, LLC, is the plan manager for ABLE for ALL and provides the online platform for ABLE account holders. Vestwell Holdings, Inc. is backed by some of the world’s largest... Read more
- What is ABLE to Work?
- People with disabilities can save and invest at least $19,000 a year for a wide range of eligible expenses. For those who are employed, they can save even more with ABLE to Work. Workers with disabilities can save an additional amount up to either (1) $15,060; OR (2) the beneficiary’s wages for the... Read more
- Who can open an ABLE for ALL account?
- Any adult with a qualifying disability that developed before the age of 26 and resides in the state of Oregon can open and manage an ABLE for ALL account. ABLE for ALL accounts were designed to be managed by the person with a disability. Please note, with the passage of new federal legislation, the... Read more
- Can I open or manage more than one ABLE for ALL account?
- A person with a disability may only be the beneficiary of a single ABLE account. However, an individual may manage multiple ABLE accounts for different beneficiaries (i.e. an ABLE account for yourself and your child). If you serve as an Authorized Legal Representative (ALR) you can manage multiple... Read more
- If I manage multiple ABLE accounts, can I transfer funds from one ABLE account to another?
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No, as a security measure, we do not allow for the transfer of funds from one ABLE account to another ABLE account.
- Are contributions to an ABLE for ALL account considered to be an asset?
- The money in an ABLE for ALL account is not 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 ABLE for... Read more
- Can I use funds to pay for housing or rent?
- Yes, you can use the money in your ABLE for ALL account to pay 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), please note that money withdrawn from your ABLE account must be used... Read more
- What is considered a “qualified expense”?
- Most expenses related to the costs associated with living with a disability qualify as an eligible expense. The expense must simply help maintain or improve the health, independence, or quality of life of the person living with a disability. Some of the most common qualified expenses as defined by... Read more
- Does having an ABLE account affect my other benefits?
- No. When saving with an ABLE account, you can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.). There is a maximum value of $400,000 for each ABLE account, at which point you can still accrue earnings, but you won’t be able to make additional... 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
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