ABLE accounts

ABLE accounts (PDF) are tax-advantaged savings and investment accounts that allow qualifying individuals to accumulate funds without interrupting government benefits eligibility. ABLE accounts can be used for a broad array of Qualified Disability Expenses to help enhance the quality of life for a person with a disability. Individuals with disabilities that were diagnosed prior to age 26 may be eligible to contribute to an ABLE account. Caregivers, loved ones and even employers also can contribute to an ABLE account for an eligible individual. With programs available in every state, use the resources below to help make an informed decision about which ABLE program is right for you.

An investor should consider, before investing, whether the investor’s or designated beneficiary’s home state offers any state income tax or other benefits (opens new window) that are only available for investments in that state’s ABLE program.

Any reference to a specific product, process, or service does not constitute or imply an endorsement by Voya Cares/Voya Financial of the product, process, or service, or its producer or provider.

ABLE accounts foster person-centered independence, build self-reliance, encourage employment and improve quality of life.

Learn more about ABLE accounts for yourself and your loved ones

  1. Tax-free growth if used for qualified expenses
  2. Preserves access to government benefits
  3. Ability to save for your financial goals
  1. Parents wanting to save for their child’s future
  2. Individuals with disabilities wanting to save for their own goals
  3. Anyone who wants to gift to a person with a disability
  1. Diagnosis that meets the Social Security definition of disability
  2. Disability onset prior to 26th birthday (Increases to age 46 in 2026)
  3. One ABLE account per eligible individual
  4. Contributions up to $18,000 per year
  5. For eligible individuals who are employed, contributions up to $14,580, based on income
  6. Accumulated balance of up to $100,000 is excluded from SSI asset limits
  7. Accumulated balance of up to your state’s limit ($235,000-$529,000) is excluded from Medicaid asset test
  1. Build emergency funds
  2. Pay for therapies not covered by benefits
  3. Save up for a vacation
  4. Purchase or rent a home
  5. Pay for summer camp
  6. Start a family
  7. Start a business
  8. As retirement savings
Kaltura Video

Employers: Learn more about ABLE in the workplace

 

-Voya Cares research

Voya Cares ABLE content

ABLE account external resources

Investments are not guaranteed and are subject to investment risk including the possible loss of principal. The investment return and principal value of the security will fluctuate so that when redeemed, may be worth more or less than the original investment.

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