READ: Q & A about ABLE Accounts in Arizona
ABLE Accounts in Arizona - a Q & A
Updated: May 14, 2018
Original post: Dec. 14, 2016
Arizona families no longer have to wait for the official rollout of the state's ABLE account program, dubbed AZ ABLE. While the ABLE savings accounts were created to function similarly to a 529 savings plan, many people aren't familiar with the limits and qualifications that will be required under the plan. Browse below to get a quick look at what is in store for individuals and families who sign up for AZ ABLE accounts. For a full Frequently Asked Questions page about the AZ ABLE program, visit the AZ ABLE website's FAQ. For a video explaining more about the AZ ABLE program, watch our recorded webinar here.
Frequently Asked Questions about ABLE Accounts
Q: What is the maximum amount that can be deposited into an ABLE account in Arizona on a yearly basis?
Q: What is the maximum amount an ABLE Account should have before Social Security Income (SSI) benefits are suspended?
A: The ABLE Account cannot exceed $100,000 – otherwise, the person’s SSI will be suspended until the balance in the ABLE Account fall under the limit. A person’s SSI benefits will resume once the balance is below $100,000. Benefits from the state's Medicaid program, the Arizona Health Care Cost Containment System (AHCCCS), will not be impacted.
Q: What is the maximum amount an ABLE Account?
A: The ABLE Account cannot exceed $462,000, but the AZ ABLE program will automatically prevent any excess deposits over this limit.
Q: At what age must the person’s disability be diagnosed to qualify them to open an ABLE Account?
A: The symptoms of a disability must have occurred before the age of 26. The definition of what qualifies as a disability closely aligns with the definitions used by the Social Security Administration's List of Compassionate Allowances. You can be eligible if you qualify for Supplemental Security Income (SSI) or Social Security Disability Income (SSDI). Individuals can also "self-certify" by obtaining a doctor's letter signifying "marked and severe functional limitations."
Q: Can an ABLE Account be opened under family members, guardians or other names?
A: No, the ABLE Account must be opened up in the name of the person with the disability. Only the individual with a disability, a guardian or a designated financial power of attorney may open an ABLE account.
Q: Do I have to choose an ABLE Account in Arizona?
A: No. Many states offer accounts available to out-of-state residents. Check the ABLE National Resource Center for open state programs by clicking here: www.ablenrc.org
Q: Where can I find more information about opening an AZ ABLE Account or how to open an account in another state?
A: You can open an AZ ABLE account at https://az-able.com/
You can watch the Council's recorded webinar with more in-depth details about AZ ABLE accounts here. You can also call the AZ ABLE customer service number at 1-800-439-1653 or the Council at (602) 542-8970.
For information about opening an ABLE account in another state, you can visit the ABLE National Resource Center at www.ablenrc.org