ABLE Nevada: Tax-free savings for Nevadans with disabilities to secure their future
For Nevadans with disabilities, saving money and building a secure financial future can be tricky, with the constant threat of losing critical benefits like Supplemental Security Income (SSI) or Medicaid. The federal Achieving a Better Life Experience (ABLE) Act of 2014 transformed this landscape, and ABLE Nevada is leading the charge with a tax-advantaged savings plan crafted for the Silver State’s disability community. This 529A program empowers eligible individuals to save for vital expenses—think education, accessible housing, or assistive technology—while safeguarding their eligibility for SSI and Medicaid. With approximately 400,000 Nevadans, or 12.6% of the population, living with disabilities (CDC, 2023) [1], ABLE Nevada offers a lifeline, ensuring that savings don’t come at the cost of essential support.
A Nevada Success Story
Meet Javier, a 25-year-old from Carson City with cerebral palsy. Reliant on SSI and Medicaid, he’s hesitant to save, fearing he’ll lose benefits. With ABLE Nevada, Javier opens an account with $25 and sets up recurring contributions. His family adds $2,000 via Ugift® for his birthday. Earning $12,000 annually from a part-time job, Javier contributes an extra $12,000, staying under Nevada’s poverty-level cap. By 2026, his tax-free savings fund a new wheelchair and job training, all without disrupting his benefits. Javier’s story is one of empowerment, and ABLE Nevada is the pen helping him write it.
Starting an ABLE Nevada account seems remarkably simple, requiring just a $25 minimum contribution and a few minutes to set up online. The program’s inclusivity shines through its flexibility: eligible individuals can open their own accounts, or Authorized Individuals, such as parents or guardians, can step in without needing to provide proof of financial authority [2].
Features of ABLE Nevada
ABLE Nevada lets savings grow tax-free for qualified disability expenses (QDEs) like school, rent, or therapy, boosting funds faster. SSI users can save up to $100,000 without losing benefits, and even if exceeded, Medicaid stays secure—vital for Nevada’s 900,000+ Medicaid users (2024 data).
In 2025, account holders can save up to $19,000 a year via checks, direct deposits, or the slick Ugift® tool (think birthday cash, not socks). No retirement plan? Add another $15,060 or your wages (whichever’s smaller). Fees are low (0.30%-0.36% annually), with a $56 yearly cost ($31 with e-delivery) and a $5 discount for Nevadans. Grab funds online, by phone, or debit card for tax-free QDEs like wheelchairs or job training. Non-qualified spending? Brace for taxes and a 10% penalty.
Eligible folks need a disability before age 26, tied to SSI/SSDI, blindness, or a doctor’s note. No paperwork upfront, just annual self-checks. From rural Elko to buzzing Las Vegas (where housing costs jumped 6.2% since 2023), ABLE Nevada covers needs like wheelchairs, job training, or funeral costs. In a state where median income hits $71,646, this plan keeps Medicaid safe and flexes for urban or rural life—making it a must-have for tackling disability costs with ease.
A Real-World Impact
Consider Maria, a 22-year-old Reno resident with autism. She relies on SSI and Medicaid but wants to save for job training and an accessible apartment. Maria opens an ABLE Nevada account with $25, and her family contributes $1,000 via Ugift®. Her part-time job earns $10,000 annually, allowing an extra $10,000 contribution. By 2026, her tax-free savings cover training costs without affecting her benefits, paving the way for greater independence.
With 1 in 8 Nevadans living with a disability, ABLE Nevada is more than a savings plan—it’s a path to financial empowerment. Learn more at https://savewithable.com/nv/home.html.
Sources:
CDC Disability and Health Data System, 2023: https://www.cdc.gov/ncbddd/disabilityandhealth/dhds.html
ABLE Nevada Plan Disclosure Booklet: able.nv.gov
Nevada Department of Health and Human Services, 2024 Medicaid Data: https://dhhs.nv.gov
Nevada Housing Division, 2024 Housing Report: https://housing.nv.gov
U.S. Census Bureau, 2023 American Community Survey: https://www.census.gov
