Have you heard of the new Oregon ABLE Savings Plan?
Oregon ABLE Savings Plan is now available! Oregon ABLE is a result of President Obama signing the Achieving a Better Life Experience (ABLE) Act into law on December 19, 2014. People with disabilities and their families were unable to save for the future due to the fear of losing their benefits and services. The ABLE Act now allows eligible individuals to own a federal tax-advantaged savings plan for qualified disability expenses (QDEs). The program enables people with disabilities to save for future disability-related expenses without the assets counting against their federal and state benefits’ asset limits. If you receive Supplemental Security Income (aka SSI Disability) each month, you may know your countable resources must not be worth more than $2,000 for an individual or $3,000 for a couple.
Here is a list of QDE’s ABLE funds can be used for:
- Expenses for education
- Employment training and support
- Assistive technology and related services
- Health for prevention and wellness
- Financial management and administrative services
- Legal fees
- ABLE account oversight and monitoring costs
- Funeral and burial
- Basic living expenses
To learn more about the Oregon ABLE Savings Plan, click the image above. They also have an Oregon ABLE Facebook page you can connect with through your Facebook account.