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ABLE accounts

ABLE accounts 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.
National Association of State Treasurers

Expanded ABLE eligibility is changing lives: Why access matters

Kaltura Video

Learn more about ABLE accounts for yourself and your loved ones

Benefits of ABLE accounts
  1. Tax-free growth if used for qualified expenses
  2. Preserves access to government benefits
  3. Ability to save for your financial goals
Who could benefit from contributing to an ABLE account?
  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
ABLE eligibility and limits
  1. Diagnosis that meets the Social Security definition of disability
  2. Disability onset prior to age 46
  3. One ABLE account per eligible individual
  4. Contributions up to $20,000 per year
  5. For eligible individuals who are employed, contributions up to $15,650, 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
What are people using their ABLE accounts for?
  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

Employers: Learn more about ABLE in the workplace

Voya Cares ABLE content

ABLE account external resources

Boy using wheelchair writing at school desk

ABLE National Resource Center – Choose an ABLE program

Learn more about ABLE account programs and strategies at the ABLE National Resource Center.
ABLE National Resource Center
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SavingforCollege.com resources for 529 plans and ABLE

ABLE information on the Saving for College website, including a chart showing tax consequences and expenses by state.
SavingforCollege.com 529 Plans
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National Association of State Treasurers

ABLE resources on the NAST site including a spreadsheet with details on each state.
National Association of State Treasurers

Need help with ABLE accounts?

If you have questions about how ABLE accounts work, or need some guidance on how to choose the right ABLE program for you, Voya Cares can help.

Or if you need help presenting ABLE accounts to your organization or clients, reach out for information on how we can partner with employers and financial professionals.

Contact Voya Cares
Orange logo for Voya Cares. Helping people with special needs and caregivers plan for the future they envision.

This information is provided for your education only through the Voya® family of companies. This information is not intended to provide legal, tax or investment advice. All investments are subject to risk. Please consult an independent tax, legal or financial professional for specific advice about your individual situation. 

Voya Cares® and other Voya products and services are offered through the Voya family of companies.

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