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.