FOR IMMEDIATE RELEASE
January 26, 2017
North Carolina State Treasurer Folwell Launches NC ABLE Program
RALEIGH – North Carolina State Treasurer Dale R. Folwell, CPA announced
today the launch of the NC ABLE Program (https://savewithable.com/nc/home.html). The program offers affordable, tax-advantaged
accounts that 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 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
Treasurer Folwell. “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 14 states that have joined forces to 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 nationally and will offer competitive
costs ($45 per year), no enrollment fee, and an
online portal to manage money that includes electronic bill paying
capabilities. Beginning in spring 2017, NC ABLE program debit card will provide
account holders an easy way to pay for qualified disability expenses directly
from funds in a NC ABLE account.
NC ABLE accounts are opened online only. For more
information, visit https://savewithable.com/nc/home.html
or follow @NCABLEProgram on Twitter, Facebook and Instagram.