August 14, 2024

Texas ABLE Program Celebrates ABLE Savings Day

(AUSTIN) — Texas Comptroller Glenn Hegar is joining the National Association of State Treasurers (NAST) in recognizing today as the inaugural Achieving a Better Life Experience (ABLE) Savings Day and reminding Texans with disabilities and their families about the importance ABLE plans bring to Texans living with disabilities.

The Stephen Beck Jr. ABLE Act became law in 2014 and created an opportunity for individuals living with disabilities and their families to save for the future, while protecting eligibility for certain public benefits.

According to NAST, more than 162,000 Americans with disabilities have collectively saved $1.7 billion in ABLE accounts. With an average account balance of nearly $10,000, ABLE accounts are empowering many Texans to save more than restricted asset resource limits without jeopardizing state and federal means-tested benefits.

The Texas ABLE Program is open to eligible Texans who experience the onset of a disability before the age of 26 and are entitled to Supplemental Security Income or Social Security Disability Insurance benefits, have a condition on the Social Security Administration’s list of Compassionate Allowances Conditions, or have a physician’s diagnosis of a qualifying condition.

Families may contribute funds into the account to help pay for disability expenses today or in the future when they no longer can provide for loved ones. ABLE account withdrawals, including any earnings, are not subject to federal income tax if used for qualified expenses related to the eligible individual’s disability and for maintaining or improving his or her health, independence or quality of life.

“Thousands of Texans have opened a Texas ABLE account, and it is my goal to make sure everyone who can benefit from an ABLE account learns about them and knows how to open one,” Hegar said. “This program is open for enrollment year-round and offers a secure online platform to enroll in and manage the account.”

For more information on Texas ABLE, including investment options, associated fees and how to open an account, call 844-4TX-ABLE (844-489-2253) or visit TexasABLE.org. Register for an upcoming webinar to learn more about eligibility requirements, contributions, qualified disability expenses and account use.

The Texas ABLE^® Program (“Program”) is administered by the Texas Prepaid Higher Education Tuition Board (“Board”). Orion Advisor Solutions, Inc. is the manager of the Program, which is distributed by Northern Lights Distributors, LLC and maintained by Catalis Regulatory and Compliance, LLC, neither of which are affiliated with Orion. The Program and the Board do not provide legal, financial, benefit, or tax advice and you should consult a legal, financial, benefit, or tax advisor before participating.

An account could lose money including the principal invested. Other than the Bank Savings Account option, accounts are not insured or guaranteed by the FDIC. No part of an account is a deposit or obligation of, or is guaranteed or insured by, the Board, the state of Texas, or any agency or agent thereof. Interests in the Program have not been registered with or approved by the SEC or any state. Investors should carefully consider the tax consequences, impact on benefit eligibility, Medicaid recapture, investment objectives, risks, fees, charges, and expenses associated with the Program. The Board may suspend, modify, or terminate the Program or change investment approaches, offerings, and/or underlying investment funds at any time and without the consent of account owners, authorized legal representatives, or beneficiaries. The Program Disclosure Statement and Participation Agreement contain this and other important information about the Program and may be obtained by visiting TexasABLE.org or calling 844-4TX-ABLE (844-489-2253). Investors should read the Program Disclosure Statement and Participation Agreement, and all other Program documents carefully before investing.

© 2024 Texas Prepaid Higher Education Tuition Board. “Texas ABLE” is a registered mark of the Texas Prepaid Higher Education Tuition Board. Texas ABLE is distributed by Northern Lights Distributors, LLC, Member FINRA, SIPC, 4221 N 203rd St, Suite 100, Elkhorn NE 68022. All rights reserved.