FAQs
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- Is there a minimum to open an account?
- You have to add at least $25 to get the account started. After that, you can add as little as $5 at any time. Money can be added to the cash option and/or invested. If you decide to make an investment, at least 10% of your total funds need to be invested in one of three investment options: ABLE... Read more
- What do I need to open an account?
- Make sure you have this information handy: Your email; Your birthday; Social Security Number or Tax Identification Number; Contact details; and Proof of eligibility. If you’re an Authorized Legal Representative, you’ll need the same information as the beneficiary’s, plus your work status. If... Read more
- How do I open an account?
- Once you’ve gone through all the eligibility requirements, it only takes 10 minutes to open an account online. You (or your Authorized Legal Representative) will need to have some basic information handy. Once you’ve been verified, you’ll set up the account details by: Creating a... Read more
- Will having an account make me ineligible for Medicaid?
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Nope. Having an ABLE account doesn’t count towards your eligibility for Medicaid regardless of the amount saved in the account.
- What happens if I withdraw money for a non-eligible expense?
- You’ll have to pay taxes on any non-eligible expense, plus a 10% penalty on the earnings portion of the withdrawal. A withdrawal used for non-eligible expenses, or for housing expenses even if they are qualified disability expenses, could affect your eligibility for Supplemental Security Income... Read more
- How do I prove an eligible expense?
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Keep your receipts and documentation for all eligible expenses in case the IRS wants to see them. We don’t need proof of your expenses, but you should have it for your records.
- Can I use funds to pay for housing or rent?
- Yes, you can use money from an ABLE account for housing expenses. If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI eligibility. Plus, having an ABLE account doesn’t affect other housing benefits, like... Read more
- What qualifies as an eligible expense?
- There’s a wide range of eligible expenses that cover most costs associated with living with a disability. Some of these include: living expenses, education, housing, transportation, employment, vacation, job training, career support, assistive technology, personal support services, health,... Read more
- How can I use the money in my ABLE account?
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You can withdraw money from the account and use it for eligible expenses which cover most costs associated with living with a disability. See the approved categories for more details about eligible expenses.
- What are the benefits of a Hawai'i ABLE account?
- The Hawai'i ABLE Savings Plan offers a way to save for qualified expenses, invest for the future and keep the benefits you rely on every day. When you make contributions to an Hawai'i ABLE account, your money has the chance to grow and earn interest, tax-free. And unlike many other investment... Read more
