AZ ABLE - Achieving a Better Life Experience
Announcements
Missed ABLE Savings Day?
Although we celebrated the first-ever ABLE Savings Day on August 14, it's never too late to open your account! Find more information below, and read Governor Katie Hobbs' ABLE Savings Day proclamation!
Overview
Achieving a Better Life Experience (ABLE) accounts are savings accounts that offer persons with disabilities, their family, friends, and others, the option to contribute to a tax-exempt account for disability-related expenses. As of March 5, 2018, AZ ABLE accounts are open for enrollment.
Learn more about AZ ABLE, such as eligibility, investment options, and other information at the AZ ABLE website.
For questions or inquiries regarding AZ ABLE presentations, please email [email protected].
Benefits of Opening an AZ ABLE Account
- Money saved does not affect SNAP
- Money saved does not affect Arizona Health Care Cost Containment System (AHCCCS) Medicaid
- Money saved only suspends SSI if account balance reaches over $100,000
- Provides financial freedom for people with disabilities
- Account is owned by the individual with the disability
- Dramatically increases ability to save
- Before ABLE, individuals with disabilities could only save around $2,000 of their own money before risking loss of health care and other benefits
- Provides a new investment opportunity
- Includes tax free earnings
- Arizona residents and taxpayers may deduct the amount of their contributions to an ABLE Account (up $2,000 per participating taxpayer, and up to four thousand dollars $4,000 for married individuals filing a joint tax return)
How Can You Spend Saved Money?
Money must only be spent on Qualified Disability Expenses which means anything that: (1) relates to your disability and (2) helps to maintain or improve your health, independence, or quality of life.
Some examples of Qualified Disability Expenses are:
- Housing and Rent
- Basic Living Expenses
- Medical/Financial/Legal Bills
- Education
- Transportation
- Assistive Technology
- Other
Enrollment Overview
- Convenient Online Enrollment
- Free and only takes about 20 minutes
- A $25.00 minimum opening deposit is required
- Can be done by the individual with the disability (“Beneficiary”) or an Authorized Legal Representative (ALR); An Authorized Legal Representative (ALR) can be a parent, guardian/conservator, power of attorney, spouse, grandparent, sibling or representative payee