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 SSI, Medicaid, or other government benefits.
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)
Annual contribution limit: $15,000
State tax deduction/credit for contribution:
may qualify for up to a
$300 Tax Credit
for making contributions to this 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.
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?
Employment, Training, & Support
Personal Support Services
Health, Prevention, & Wellness
Oversight & Monitoring
Funeral & Burial