- Offering Palmetto ABLE accounts to South Carolinians with disabilities
- Tax-free savings plan for disability-related expenses
- Save and invest without losing federal needs-based benefits
Palmetto ABLE accounts give people with special needs more independence and financial security
Learn more about Palmetto ABLE® accountsWhat are the benefits?
Tax-Free Earnings
Earnings on savings are tax-deferred and tax-free when used to pay for qualified expenses.
Financial Benefits Not Affected
Balances and distributions do not affect federal needs-based financial aid such as Medicaid or SSI.
Subject to some limitations
The STABLE Visa Card
Participants can request their own STABLE Visa® Prepaid Card that can be used to spend money on qualified expenses.
Saving & Investing
-
MAKE EASY DEPOSITS ONLINE
Contribute up to $15,000 per year. If employed, you may be able to contribute up to an additional $12,760 of income.
-
DIVERSE CHOICES
Choose from among five different investment options, including four mutual fund based investments and one FDIC-insured savings option.
-
FLEXIBLE CHANGES
Freedom to change your investment options twice every calendar year.
Qualified Expenses
Use the money in your account to pay for any expense related to your disability — not just medical expenses. Examples of things you can use your Palmetto ABLE account for:-
Basic Living Expenses -
Housing -
Transportation -
Education -
Assistive Technology -
Employment Training -
Personal Support Services -
Legal Fees -
Health & Wellness -
Financial Management
