Living with a disability often comes with a lot of extra expenses, but did you know there are programs that can help? WVABLE allows many qualifying individuals to save and invest tax-free for many of those extra expenses without affecting eligibility for certain needs-based programs such as Supplemental Security Income (SSI) and Medicaid.
Getting started with WVABLE doesn’t need to be overwhelming. The West Virginia State Treasurer’s Office now offers virtual presentations and webinars specifically designed to explain how WVABLE works and how you or a loved one may benefit from the program.
Just email wvable@wvsto.com to schedule a presentation or sign up for a webinar. Topics covered include how to enroll, the difference between WVABLE and a Special Needs Trust, and program benefits. These simple demonstrations can help guide you through the process.
“As a parent of a daughter with a developmental disability, WVABLE is peace of mind knowing that my daughter has a savings and a means to save well after my husband and I are gone,” said For Christy Black of Milton, W.Va.
Black was one of the first to open a WVABLE account in West Virginia after state and federal legislation made the program possible.
WVABLE account owners can be any age, but current law requires the onset of the disability must have occurred before the age of 26. There is proposed legislation before congress requesting to raise the age of onset to before the age of 46, which would open eligibility to ABLE accounts to millions more across the country, including one million veterans.
If you are not sure if you or a loved one is eligible to open a WVABLE account, there is a simple online eligibility quiz to help you find out!
Once you’ve established your WVABLE account, your savings can be used to cover disability-related expenses including medical care, housing, transportation, education, job training, and more. Most importantly, this savings vehicle will ease the financial strains faced by individuals with disabilities, bringing peace of mind to them and their families.
For more information on WVABLE, or to schedule a virtual presentation, click here. You can also call the West Virginia State Treasurer’s Office at 304.340.5050 for more information.
Please note, the content on this page is not legal advice or regulatory guidance. West Virginia ABLE is offered through a partnership with the Ohio Treasurer’s Office, the administrator of the STABLE Account Plan. STABLE Accounts are not guaranteed or insured by any state, any state agency or subdivision thereof, or their authorized agents or affiliates. You could lose money by investing in a STABLE Account. Consider investment objectives, risks, charges, and expenses before investing. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Statement as well as the Participation Agreement and you may wish to consult a qualified tax or financial advisor or special needs planner regarding the investment and how both state and federal tax laws may apply to your particular circumstances.