FAQs
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- About ABLE
- Account Management
- Additional Tax Benefits and Penalties
- ALR
- Banking and Investments
- Contributions and Withdrawals
- Eligibility
- Getting Started with ABLE
- Gifting
- Prepaid Card
- Recurring Contributions
- Rollover
- Successors and Estates
- Tax Credit
- What is ABLE to Work?
- People with disabilities can save and invest at least $19,000 a year for a wide range of eligible expenses. For those who are employed, they can save even more with ABLE to Work. Workers with disabilities can save an additional amount up to either (1) $15,060; OR (2) the beneficiary’s wages for the... Read more
- Who can open a Hawai'i ABLE account?
- Any adult with a qualifying disability that developed before the age of 26 and resides in the state of Oregon can open and manage a Hawai'i ABLE account. Hawai'i ABLE accounts were designed to be managed by the person with a disability. Please note, with the passage of new federal legislation, the... Read more
- Can I open or manage more than one Hawai'i ABLE account?
- A person with a disability may only be the beneficiary of a single ABLE account. However, an individual may manage multiple ABLE accounts for different beneficiaries (i.e. an ABLE account for yourself and your child). If you serve as an Authorized Legal Representative (ALR) you can manage multiple... Read more
- Who is Vestwell?
- Upward Oregon, part of the Oregon State Treasury, administers and oversees the Hawai'i ABLE Savings Plan. Vestwell State Savings, LLC, is the plan manager for the ABLE for ALL Savings Plan — which powers the Hawai’i ABLE program — and provides the online platform for the ABLE account. Vestwell... Read more
- How is an ABLE account different from a Special Needs Trust or a Pooled Trust?
- An ABLE account won’t replace a Special Needs Trust or Pooled Trust. There are some key differences that are meant to give people with disabilities and their families more options. With an ABLE account: There are fewer expenses than setting up a trust. The beneficiary owns the funds and can... Read more
- Who owns the Hawai'i ABLE account?
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The money in a Hawai'i ABLE account always belongs to the beneficiary, regardless of who opened the account. ABLE accounts can be opened and managed by an Authorized Legal Representative (ALR), such as a parent or guardian, however, the money still belongs to the beneficiary.
- If I manage multiple ABLE accounts, can I transfer funds from one ABLE account to another?
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No, as a security measure, we do not allow for the transfer of funds from one ABLE account to another ABLE account.
- Are contributions to a Hawai'i ABLE account considered to be an asset?
- The money in a Hawai'i ABLE account is not considered to be an asset for state and federal benefit purposes. This includes SSI, Medicaid, HUD housing assistance, SNAP, FAFSA applications, and more. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the Hawai'i ABLE... Read more
- What are the fees associated with an account?
- The Hawai'i ABLE Savings Plan aims to keep investment fees relatively low and waive any additional recurring fees when you manage your account online—the easiest and simplest way to manage your account. There is a low annual fee of $35 to keep everything running smoothly. There is also an annual... Read more
- Can I use funds to pay for housing or rent?
- Yes, you can use the money in your Hawai'i ABLE account to pay for housing expenses. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8. If you’re eligible for Supplemental Security Income (SSI), please note that money withdrawn from your ABLE account must be used... Read more
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