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 information is needed to sign up for a Hawai'i ABLE account?
- To open a Hawai'i ABLE Savings Plan account, you'll need to provide some basic information as the account holder, including: Full name Contact information Date of birth Social Security number or tax ID To finish setting up your account, you will be asked to: Connect a bank account Choose your... Read more
- How do I open a Hawai'i ABLE account?
- The easiest way to create a Hawai'i ABLE Savings Plan account is to do so through our secure online portal. You’ll need about 15 minutes and $25 to get started. You (or your Authorized Legal Representative) will need to provide some basic information, including your full name, contact information,... 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 If you’re eligible for Supplemental Security Income (SSI), please note that money withdrawn from your ABLE account must be used...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
- 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 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
- 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?
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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 I have to file separate taxes for each ABLE account?
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Each beneficiary account is treated separately. Every account is subject to a separate $19,000 annual contribution limit (or more if the beneficiary has earned wages for the year), and each ABLE account will receive separate tax documents.
