07 Dec Oregon ABLE Savings Plan
In December 2016, Oregon launched a new ABLE Savings Plan for individuals with special needs or disabilities. ABLE (Achieving a Better Life Experience) provides a tax-advantaged savings account that allows individuals and families to set aside money for disability-related expenses. Funds can be contributed to an ABLE account without disqualifying a disabled individual from receiving critical government benefits such as Supplemental Security Income and Medicaid.
The savings in ABLE accounts can be invested on behalf of the beneficiary, and any earnings are tax-free if used to pay for qualifying expenses, such as education, housing, assistive technology, personal support services and other disability-related expenses.