Woman in Wheelchair in Greenhouse

Oregon ABLE Savings Plan

For qualified Oregon residents only

What is an ABLE Account?

When an individual with special needs applies for disability benefits, they must show that they do not have enough money to support themselves independently. Money held in traditional bank accounts will count against the ability to qualify for these disability benefits.

Due to this, people with special needs are not able to build savings with the money they earn or that they receive through inheritance or gifts.

 

This means that people with special needs must live with very little money if they want to receive government aid.

ABLE accounts cover this gap by giving individuals with special needs the opportunity to manage a modest bank account, while not penalizing their eligibility for SSIMedicaid, or other government benefits.

Oregon Able Accounts

The Oregon ABLE Savings Plan

The Oregon ABLE Savings Plan is designed to be a "qualified ABLE program", which permits a beneficiary of an ABLE to make tax-free withdrawals to pay for qualified disability expenses under certain circumstances. The Oregon ABLE Savings plan accommodates Oregon residents only, for out-of-state residents the ABLE for All plan applies.

To be eligible for an ABLE savings plan, an individual must have been diagnosed with a disability before age 26, and be eligible to receive benefits under Supplemental Security Income (SSI) and/or Social Security Disability Insurance (SSDI). Individuals who are not receiving SSI and/or SSDI may still be eligible if they meet the age requirement and have been diagnosed by a licensed physician and received a letter of certification.

2021 Account limit: $400,000 ($100,000 to maintain eligibility for SSI under either program)

2022 Annual contribution limit: $16,000

State tax deduction/credit for contribution:

Oregon 529 Plans

Oregon Residents

may qualify for up to a

$300 Tax Credit

for making contributions to this account

Tax credit table for single and joint filers, Oregon residents may qualify for a tax credit when making contributions to a 529 college savings account.

This is how it can work!

Contributions made to an Oregon ABLE Savings Plan may allow you to qualify for a tax credit! To see how this works, take a look at the visual to the right. Whether you're a parent, grandparent, friend, aunt, or any other contributor to an ABLE plan, you could potentially be receiving tax credits for your contributions.

529 Tax Benefits

Open to out-of-state residents: No

Minimum amount to open an account: $25

Debit or prepaid card available: Yes

Investment options: Three investment options with varying risk

Annual maintenance fees: $35 annually

Annual account balance fees: Depends on the investment option selected. The total asset-based fees range from 0.30% - 0.35%

What qualifies as an eligible expense?

Living Expenses

Living Expenses

Training

Employment, Training, & Support

Adminstrative Services

Administrative Services

Education

Education

Personal Support

Personal Support Services

Legal Fees

Legal Fees

Housing

Housing

Healthcare

Health, Prevention, & Wellness

Oversight

Oversight & Monitoring

Transportation

Transportation

Financial Management

Financial Management

Funeral

Funeral & Burial