Author: Vicki Sleder, Marketing Associate, Savings Plans Marketing, First National Bank

Whether you’re a brand-new account owner or are considering opening up an account, chances are you have questions about the Enable Savings Plan. To help address them, we’ve compiled answers to some of the most common inquiries we receive from new and prospective account owners alike.

Q: What is the maximum contribution this year?

A: The maximum contribution for 2018 is $15,000. This includes all sources.

Q: Who is the owner on the account?

A: The account owner is the eligible individual. They must have a social security number or tax payer id number and US residential street address. Enable does not offer joint ownership. 

Q: What is the minimum to open the account?

A: The minimum contribution is $50, or $25 if an automatic investment plan or payroll deduction is set up.

Q: What can I use the money for?

A: The money can be used for a wide variety of purposes: Education, transportation, housing, employment training and support, assistive technology, personal support services, financial management and admin services, legal fees and expenses for oversight and monitoring, end of life expenses, health, prevention and wellness, as well as other expenses that enhance the quality of life.

Q: What is the age limit?

A: The age of onset of the disability is age 26. The person can be older than 26, but the onset must have occurred before age 26.

Q: My checking account is reaching $2000—how will an Enable account help with this problem?

A: The Enable account permits eligible individuals to save more than $2000 in their name without impacting resource-based benefits. It is designed to supplement SSI and Medicaid Benefits.

Q: What happens when the individual dies?

If the account owner received Medicaid, the assets may be subject to Medicaid reimbursement. However, you can pay any end of life expenses and outstanding medical bills first. Money can be transferred to a sibling with a disability. In the event that there is not a sibling or Medicaid payback, remaining monies are paid according to the will of the individual.

Q: How can I get money out of my account for a qualified expense?

If you have the checking account option, you can use your debit card. If you ordered checks for the checking account, you can use a check. You can also request a check be sent to you or a third party via a phone call or online request. In addition, you can transfer money to your traditional checking or savings account at your bank. Remember to include that information during the enrollment process.

Q: What paperwork is needed to enroll?

A: You can enroll online as the eligible individual or as the parent of a minor. In the event that you are the Power of Attorney or Guardian, such as the case of the adult child, a paper form is required along with the legal documentation verifying that you can act on behalf of the individual regarding financial matters (e.g., guardianship or POA paperwork). If you are opening the checking account option, a driver’s license or state ID card is required to verify the identity of the client.

If you have any additional questions about saving with Enable, do not hesitate to reach out to us via email at clientservices@enablesavings.com or by phone at 1-844-ENABLE4.