Qualified expenses that improve the quality of life.
A “Qualified Disability Expense” means any expenses eligible individuals incur, which relate to their blindness or disability and are intended to maintain or improve their quality of life.
These qualified expenses include:
- Health and wellness
- Legal fees
- Financial management
- Employment training and support
- Assistive technology
- Personal support services
- Oversight and monitoring
- Funeral and burial expenses
We recommend that a record of expenses and payment receipts be maintained should they be needed at a later time.
If NY ABLE savings are used for non-qualified expenses, the earnings portion of the withdrawal will be treated as income – subject to federal and applicable state taxes. In most cases, it will also be subject to a 10% federal tax penalty.
Call us at 1.855.5NY.ABLE (1.855.569.2253) Monday – Friday from 8 a.m. – 8 p.m. ET
New York State Relay System: 711 or 800-662-1220
No Guarantee: None of the State of New York, its agencies, Ascensus Investment Advisors, LLC, Ascensus Broker Dealer Services, Inc., nor any of their applicable affiliates insures accounts or guarantees the principal deposited therein or any investment returns on any account or investment option. Except to the extent of Federal Deposit Insurance Corporation (FDIC) insurance provided for the Checking Option, NY ABLE accounts will be subject to investment risks, including loss of the principal amount invested.
Investments are not FDIC-insured (Except for the Checking Option). No Bank, State or Federal Guarantee. May Lose Value.