ABLE Basics

For too long, people with disabilities could not save for the future out of fear of losing their benefits.

Millions of Americans with disabilities depend on a wide variety of public benefits for income, health care, food, and housing. Many of these benefits require meeting a means or resource test that limits the eligibility of individuals who report more than $2,000 in assets.

The ABLE Act Offers More Possibilities

The federal Achieving a Better Life Experience (ABLE) Act authorized states to establish tax-advantaged savings programs so individuals with disabilities can save and invest money without jeopardizing eligibility for public benefits.

ABLEnow: A Leading ABLE Program

More independence, greater financial security and a better quality of life – that’s the future ABLEnow is building. ABLEnow is the perfect choice for self-savers or those saving for a loved one’s future.

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ABLE Act FAQs

Signed into law in December 2014, the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act authorized states to establish tax-advantaged savings programs for individuals with disabilities. 

In 2015, Virginia became the first state to approve and pass ABLE legislation after passage of the federal ABLE Act. This was particularly poignant because the idea for the ABLE Act was originally conceived by a group of Virginia parents. The Virginia ABLE bill directed Virginia529 to develop, implement and administer a new savings program for eligible individuals with disabilities and their families.

The ABLE Act created Section 529A of the Internal Revenue Code. This is the federal legal framework that establishes the specific rules and requirements of an ABLE account.

ABLE accounts are tax-advantaged savings accounts for eligible individuals with disabilities.

Millions of individuals with disabilities and their families depend on a wide variety of public benefits for income, health care, food and housing assistance. Many of these benefits require meeting a means or resource test that limits the eligibility of individuals who report more than $2,000 in cash savings, retirement funds and other items of significant value.

For the first time in public policy, the ABLE Act recognizes the extra and significant costs of living with a disability. ABLE accounts allow Eligible Individuals the opportunity to save and fund a variety of Qualified Disability Expenses without endangering eligibility for certain benefits that are critical to their health and well-being, such as Medicaid and Supplemental Security Income (SSI).

ABLEnow is a national ABLE savings program offered by the Commonwealth of Virginia.

ABLEnow is administered by Virginia529, an independent Virginia state agency that manages the nation’s largest college savings plan. PNC Bank supports ABLEnow as an account custodian.

PNC Bank is a registered mark of The PNC Financial Services Group, Inc. ("PNC").

ABLEAmerica is ABLEnow’s partnership with Capital Group, home of American Funds, one of the oldest and largest mutual fund companies in the country. Work with your financial professional to reach your ABLE savings goals.

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Other helpful resources

Qualified Expenses

Learn how ABLEnow funds can be used.

Impact on Benefits

Save money without jeopardizing benefits.

Eligibility

Take the quiz to see if you’re eligible.