FAQs
Answers at your fingertips
You can scroll through the FAQs, search, or click a category button to filter them.
- 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 considered a “qualified expense”?
- Most expenses related to the costs associated with living with a disability qualify as an eligible expense. The expense must simply help maintain or improve the health, independence, or quality of life of the person living with a disability. Some of the most common qualified expenses as defined by... Read more
- What is the ABLE Act?
- Millions of people with disabilities rely on public benefits and federal programs such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Medicaid for their basic needs, but this assistance can be limiting. Those receiving much needed benefits, like SSI, are... Read more
- Is Hawai’i ABLE different from ABLE for ALL?
-
Hawai’i has partnered with ABLE for ALL to offer eligible citizens of Hawai’i access to the nationwide ABLE for ALL program. To help ensure that Hawai’i ABLE participants can rely on a variety of features and services, ABLE for ALL has partnered with Vestwell.
- What is the connection between the Hawai’i ABLE Savings Program, ABLE for ALL, and the State of Oregon?
- The Hawai’i State Legislature enacted chapter 256B, Hawai’i Revised Statutes, to allow for the establishment of the Hawai’i ABLE Savings Program. Chapter 256B allowed Hawai’i to partner with another state’s ABLE plan. After comprehensive research, an official Request for Proposal (RFP), and... Read more
- Does having an account affect my other benefits?
- No. When saving with an ABLE account, you can keep your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.). There is a maximum value of $400,000 for each ABLE account, at which point you can still accrue earnings, but you won’t be able to make additional... Read more
- Do my ABLE savings affect eligibility for federal financial aid?
-
No. Money saved in an ABLE account does not count as an asset on your Free Application for Federal Student Aid (FAFSA). Plus, saving in an ABLE account may be an effective strategy to help you pay for future education expenses.
- Could saving for retirement impact my benefits?
- The short answer is, yes. Hawai'i workers may choose to invest in both an ABLE savings account and a separate retirement savings account; however, retirement accounts were not designed with the same protections in mind as ABLE accounts. The money saved in an ABLE account does not count against... Read more
- Are investments in my Hawai'i ABLE account guaranteed not to lose money or are they insured?
- No. As with any investment, there is some risk involved. While Hawai'i ABLE Savings Plan accounts provide investment options to match a variety of risk tolerances, there is no guarantee that your portfolio will generate earnings. Before opening an account, you should carefully read and understand... Read more
1
2
