You can now set up an ABLE account in less than ten minutes at oregonablesavings.com. ABLE is a tax-advantage savings plan that will allow individuals with disabilities and their families to save for disability-related expenses without disqualifying them for crucial state and federal benefits, like Medicaid and Supplemental Security Income (SSI). Currently, people become disqualified for those benefits when their assets reach $2,000. That will no longer be the case when funds are deposited into an ABLE account.
You can save money in a cash option and/or invest money. If you decide to invest, you’ll need to put at least 10% of your funds in the investment option. The choice is up to you. There’s a $25 minimum deposit to start off your account and a $10 minimum for any contribution or withdrawal after that.
Disability Rights Oregon participated in the workgroup that helped develop the Oregon ABLE Savings Plan, along with other community organizations Albertina Kerr, Aging and People with Disabilities, The Arc Oregon, Autism
Society of Oregon, Community Vision, FACT Oregon, Northwest Down Syndrome Association, Office of Developmental Disabilities Services, Oregon Council on Developmental Disabilities, Oregon Training and Consultation, United Cerebral Palsy of Oregon & Southwest Washington and Work Incentives Network.