NC Department of State Treasurer Launches NC ABLE Program
Starting January 26, individuals with disabilities can save and invest without jeopardizing means-tested benefits. The NC ABLE Program launches nationwide at www.NC.SaveWithABLE.com. These affordable, tax-advantaged accounts allow eligible individuals, with either physical or cognitive disabilities, to save up to $14,000 a year without endangering eligibility for certain means-tested federal and state benefit programs, including Medicaid and Supplemental Security Income (SSI). Parents of children with disabilities and their guardians can open accounts on behalf of those who qualify.
NC ABLE account funds can be used to pay for a wide variety of qualified disability expenses (QDEs) including those related to rent and housing, transportation, educational needs, employment training and supports, assistive technology, and many other approved expenses.
“NC ABLE accounts allow people with disabilities, and those who love and care for them, the chance to save and invest their own money – something that, before now, meant giving up critically needed benefits,” said State Treasurer Dale R. Folwell, CPA. “Along with the ABLE Board of Trustees and disability advocates across the state, we are dedicated to providing a program that serves the often forgotten needs of many North Carolinians.”
North Carolina is a member of the National ABLE Alliance, a consortium of 13 states that have joined forces to leverage economies of scale and offer high-quality ABLE accounts. By joining with other states, North Carolina receives the most desired features and benefits, while keeping costs as low as possible. NC ABLE accounts are open to eligible individuals across the country and will offer competitive costs ($45 per year), no enrollment fee and no minimum start-up balance, as well as an online portal to manage money that includes electronic bill paying capabilities. This spring, NC ABLE will offer a NC ABLE program debit card — providing account holders a quick and easy way to pay for qualified disability expenses directly from funds in a NC ABLE account.
NC ABLE accounts are opened online only. Enrollment takes just a few minutes. To do so, or for more information, visit NC.SaveWithABLE.com beginning Jan 26th. NC ABLE plans a spring kick-off event and informational events throughout the year. Visit the NC Treasurer website for a list of upcoming events. Follow us @NCABLEProgram on Twitter, Facebook and Instagram.