1. ABLE: A Deeper Look at 4 New ABLE Programs (MI,KY,OR,VA)
Moderator: Michael Morris, J.D.
Executive Director, National Disability Institute

2. This webinar is brought to you by the ABLE National Resource Center and sponsored by

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Speaker: Nakia

8. Moderator and Panelists
Michael Morris, J.D., Executive Director, National Disability Institute
Presenters
Chris Rodriguez, ABLE National Resource Center
Scott de Varona, MiABLE Program
O.J. Oleka, STABLE Kentucky
David Bell, Oregon ABLE Savings Plan
Mary Morris, ABLEnow

9. Agenda ABLE Basics State ABLE Presentations Questions and Answers
MiABLE Program
STABLE Kentucky
Oregon ABLE Savings Plan
ABLEnow
Questions and Answers

10. The ABLE Act is Law
The Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act
became law on December 19, 2014
creates a new option for some people with disabilities and their families to save for the future, while protecting eligibility for public benefits.
Presentation is based on what we know or presume now

11. What is an ABLE Account?
ABLE accounts:
Are established in the new Section 529A Qualified ABLE Programs
Are qualified savings accounts that receive preferred federal tax treatment
Enable eligible individuals to save for disability related expenses
There are currently 16 ABLE programs enrolling qualified individuals (most of which are enrolling nationwide)
Assets in and distributions for qualified disability expenses will be disregarded or given special treatment in determining eligibility for most federal means-tested benefits

12. What are some important requirements of ABLE accounts?
Each eligible individual may have only one ABLE account.
“Designated beneficiary” is the account owner (although another person such as a parent or guardian may be allowed signature authority over the account).
There is no longer a federal residency requirement related to establishing an ABLE account (unless otherwise established by a given program,).
Total annual contributions may not exceed the federal gift tax contribution, which is currently $14,000 (this will periodically be adjusted for inflation).
Multiple individuals may make contributions to an ABLE account.
Aggregate contributions may not exceed the state limit for 529 savings accounts, typically set at over $250,000.

13. Who is eligible to be an ABLE account beneficiary?
To be eligible, individuals must meet two requirements:
Age requirement: must be disabled before age 26
Severity of disability:
Have been determined to meet the disability requirements for Supplemental Security Income (SSI) or Social Security disability benefits (Title XVI or Title II of the Social Security Act) and are receiving those benefits, OR
Submit a “disability certification” assuring that the individual holds documentation of a  physician’s diagnosis and signature, and confirming that the individual meets the functional disability criteria in the ABLE Act (related to the severity of disability described in Title XVI or Title II of the Social Security Act)*.

14. What may funds from an ABLE account be used for?
Distributions from an ABLE account may be made for “qualified disability expenses”.
“Qualified disability expenses” are expenses that relate to the designated beneficiary’s blindness or disability and are for the benefit of that designated beneficiary in maintaining or improving his or her health, independence, or quality of life.
The term “qualified disability expenses” should be broadly construed to permit the inclusion of basic living expenses and should not be limited to:
expenses for items for which there is a medical necessity, or
which provide no benefits to others in addition to the benefit to the eligible individual.

15. Qualified disability expenses may include the following:
Education
Housing
Transportation
Employment training and support
Assistive technology and personal support services
Health, prevention, and wellness
Financial management and administrative services
Legal fees
Expenses for oversight and monitoring
Basic Living Expenses (NPRM)
Funeral and burial expenses
Any other expenses approved by the Secretary of the Treasury under regulations consistent with the purpose of the program
Distributions for non-qualified expenditures will be subject to tax consequences and may affect eligibility for federal means tested benefits.

16. How do ABLE account assets impact eligibility for federal benefits?
ABLE assets will be disregarded or receive favorable treatment when determining eligibility for most federal means-tested benefits:
Supplemental Security Income(SSI): For SSI, only the first $100,000 in ABLE account assets will be disregarded.
SSI payments (monthly cash benefit) will be suspended if the beneficiary’s account balance exceeds $100,000, but SSI benefits (eligibility) will not be terminated. Funds above $100,000 will be treated as resources.
Housing expenses intended to receive the same treatment as all housing costs paid by outside sources. However, new SSA instructions (POMS) will treat housing expenses as resources only if distributed in one month and held until the following month. (more later)

17. Impact on Federal Benefits (cont.)
Medicaid: ABLE assets are disregarded in determining Medicaid eligibility
Medicaid benefits are NOT suspended if the ABLE account balance exceeds $100,000 (that is only applicable to the SSI cash benefit)
Medicaid Payback: Any assets remaining in the ABLE account when a beneficiary dies, subject to outstanding qualified disability expenses, can be used to reimburse a state for Medicaid payments made on behalf of the beneficiary after the creation of the ABLE account (the state would have to file a claim for those funds)*
For purposes of this section, the state is considered a creditor of the ABLE account, not a beneficiary

18. ABLE National Resource Center
The ABLE National Resource Center (ANRC) is a collaborative whose supporters share the goal of accelerating the design and availability of ABLE accounts for the benefit of individuals with disabilities and their families. We bring together the investment, support and resources of the country’s largest and most influential national disability organizations.
Chris Rodriguez Senior Public Policy Advisor National Disability Institute

22. Conservative (Less Risk)Aggressive (More Risk)
Investment Costs (%)
0.17 % % % % %

23. MiABLE Account Features
National Enrollment
Michigan State Income Tax Deduction
Annual Fee: $45.00 ($11.25 quarterly)
5 Investment Options of Various Risk & Costs
FDIC insured account
Debit Card
Optional Public Profile

25. MiABLE Program Information
Statewide MiABLE Outreach is continuing and ongoing
Like at Facebook:
Subscribe to our newsletter:
Customer Service:

26. STABLE Kentucky:
Kentucky’s ABLE Plan
stablekentucky.com

27. What is ABLE? Federal legislation passed 2014
Creates tax-advantaged investment accounts for individuals with disabilities
Assets in your account do not affect eligibility for federal [or Kentucky] means-tested benefits programs like SSI or Medicaid
Hybrid of 529 college savings account + checking account + Special Needs Trust

28. What is STABLE Kentucky?
STABLE Kentucky is Kentucky’s ABLE Plan
Offered to Kentuckians through a partnership with the Ohio STABLE Account program
Administered by Treasurer of Kentucky, Allison Ball
Launched December 13, 2016

29. Benefits of Kentucky STABLE Accounts
Provides financial independence for people with disabilities
Account is owned by the individual with the disability
Dramatically increases ability to save
Before ABLE , individuals could only save around $2,000 of their own money before risking loss of health care and other benefits
Provides new investment opportunity
Tax free earnings – federal

30. Who Can Have a Kentucky STABLE Account?
Eligibility Quiz at stablekentucky.com
Individuals with disabilities that occurred prior to age 26
Must be a Kentucky resident
Limit of 1 Account per person
Three paths to eligibility:
Eligible to receive SSI or SSDI due to disability
Have a condition listed on SSA’s “List of Compassionate Allowances Conditions”
Self-certification

31. Eligibility Certifications
Select your eligibility criteria
If self-certifying…
Need diagnosis of a physical or mental impairment that causes “marked and severe functional limitations”
Such as conditions in the SSA’s Blue Book
Certify that the condition has lasted or is expected to last for at least 1 year
Input physician name, address, date of diagnosis
Do not need to send in written diagnosis, but must have on hand
Permanent Disability?
Answer “yes” to prevent need for annual re-certification

32. Enrollment Online Enrollment Free - takes approx. 20 minutes
Can be done by individual with disability (“Beneficiary”) or an Authorized Legal Representative (ALR)
ALR = parent, guardian, power of attorney

33. Funding your Account Contributions Gifting
Via Electronic Funds Transfer or check
$14,000 annual limit
$426,000 lifetime limit
System automatically rejects excess contributions
Gifting
Create an eGift Event (birthday, holiday, etc.) ~ system will send out an to friends and family
System tracks contributors for sending thank-you notes/replies

34. Investment Options One FDIC-Insured Option
Four Vanguard mutual funds that range from aggressive to conservative
One FDIC-Insured Option
Principal protected

35. How Can You Spend STABLE funds?
Withdrawals must be used on “Qualified Disability Expenses”
Anything that (1) relates to your disability and (2) helps to maintain or improve your health, independence, or quality of life
Examples:
Housing and Rent
Basic Living Expenses
Medical Bills
Education
Transportation
Assistive Technology

36. Non-Qualified Expenditures
Not illegal, but there are consequences
Affects Benefits
The amount of the expenditure may now be considered a countable resource (but not necessarily)
Tax Penalties
Pay taxes plus 10% penalty on the earnings portion of the withdrawal
Ex: You contribute $90 to your account, and you make $10 in earnings – your balance is now $ You withdraw that $100 but do not use it for a QDE. You must pay regular income tax on the $10 of earnings, plus an additional 10% penalty on those same earnings.

37. Spending From Your Account
Withdrawals
Free + No Limits
STABLE Kentucky will not ask what you spend on, but benefits agencies and IRS can
Transfer to personal checking or savings
Transfer to STABLE Card

38. STABLE Card Loadable debit card Does not pull from account
Online spending records + notate expenses
No commingling of funds with other accounts
Protection – limiting of merchants, no cash access, no overdraft

39. SSI Considerations
Balances over $100,000 count as a resource – but SSI merely suspended, not terminated
Beneficiary’s own wages still count as income even if contributed to Kentucky STABLE Account
If you hold on to the money from one calendar month to the next, then housing expenditures and non-qualified expenditures count as resources

40. Medicaid Considerations
Unlike with SSI, your account balance will not affect Medicaid benefits regardless of the amount
If Beneficiary was on Medicaid and passes away, Medicaid can ask for payback… BUT! First, you can:
Pay any outstanding bills for QDEs
Pay for funeral and burial expenses
Deduct Medicaid Buy-In premiums you paid
Payback is only from date the account was opened

41. Account Cost Online Enrollment is free
$50.00 minimum deposit to open account
$1.00 minimum for all subsequent deposits
Monthly Maintenance Fees
Asset-based Fees
$5.00 ($60.00 Annually)
Between 0.19% and 0.33% (same as OH residents)

42. STABLE vs. Special Needs Trust
Complement, not competition, but…
Some benefits specific to STABLE Accounts:
Cost-Effective
Broader spending power (i.e. housing)
Easy account access/closure
No federal income tax on earnings
No separate returns to file
Can be established, administered, and owned by individual with disability

43. Helpful Resources Customer Service team@stableaccount.com
Mon-Fri 9a-6p EST
stablekentucky.com

44. Spread the Message Find us on Facebook: @TreasurerBall
Find us on Twitter:
@KYTreasurer
Help us spread the STABLE Kentucky message.
Follow us, “like” us, and send us your thoughts.

45. David Bell, Oregon 529 Savings Network

50. Cash Option
Conservative
Moderate
Aggressive

51. $22.50 Annual Fee
0.30% to 0.38% Annual Asset Fee
$55 Annual Fee
0.30% to 0.38% Annual Asset Fee

52. David Bell 503-431-7929 david.bell@ost.state.or.us
oregonABLEsavings.com & ABLEforALL.com
@OregonABLE

53. Presenter: Mary Morris CEO, ABLEnow

54. What is ABLEnow?
ABLEnow℠ is the Virginia-sponsored ABLE savings program.
Open to eligible individuals nationwide, regardless of state residency.
ABLEnow is administered by Virginia529℠, the country’s largest college savings plan, which has a newly expanded mission to meet the savings needs of persons with disabilities.  54

55. ABLEnow Card
ABLEnow account holders receive the ABLEnow Card— a debit card providing a simple, fast way to pay qualified disability expenses. 55

56. Investment Options
The first $2,000 in your ABLEnow account is automatically allocated to the ABLEnow FDIC-insured Deposit Account, which is linked to your ABLEnow Card.
Once the balance in the ABLEnow Deposit Account exceeds $2,000, you may opt to invest additional contributions into one or more of these investment portfolios. 56

57. Account Costs No enrollment fee No minimum contribution
There are minimal costs associated with maintaining your account, and ABLEnow offers some of the lowest fees in the country among ABLE programs.
No enrollment fee
No minimum contribution
Account service fee is $3.25 per month
If the Account Owner or Authorized Representative chooses to invest some of the funds, there are also asset-based fees between 0.37% and 0.40%, depending on investment selections
Monthly fee is waived for accounts maintaining a balance over $10,000 in the deposit account. 57

58. Compare ABLE programs The ABLEnow program: Competitive, low fees
Straightforward account opening
Ease of use – contributions and payments
FDIC-insured interest bearing Deposit Account
Four investment options after Deposit Account threshold is met
State income tax advantages for Virginians 58

59. Receive & share information
Visit able-now.com and subscribe to updates
on Facebook and Twitter
Help spread the word! Please share information about ABLEnow with friends, family and community groups. 59

60. able-now.com customerservice@able-now.com Toll Free: 1-844-NOW-ABLE
Questions?
able-now.com Toll Free: NOW-ABLE
The material in this presentation has been prepared by ABLEnow and is general information about ABLEnow current as of the date of this presentation. The information is given in summary form and does not purport to be complete.
Call NOW-ABLE or visit able-now.com to obtain information on the program. Seek the advice of a professional concerning any financial, tax, legal or federal or state benefit implications related to opening and maintaining an ABLEnow account. Participating in ABLEnow involves investment risk including the possible loss of principal. For non-Virginia residents: other states may sponsor an ABLE plan that offers state tax or other benefits not available through ABLEnow. © 2017 Virginia College Savings Plan. All Rights Reserved. 60

61. ABLE National Resource Center
The ABLE National Resource Center (ANRC) is a collaborative whose supporters share the goal of accelerating the design and availability of ABLE accounts for the benefit of individuals with disabilities and their families. We bring together the investment, support and resources of the country’s largest and most influential national disability organizations.
Chris Rodriguez Senior Public Policy Advisor National Disability Institute

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