FAQs
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- Benefits
- Contributions
- Eligibility
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Benefits
- What happens after the death of a beneficiary? Is there a Medicaid payback?
- In the event of the death of a beneficiary, the funds from their ABLE account can be used by his or her estate to repay any outstanding eligible expenses or funeral and burial costs. If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon the beneficiary’s... Read more
- Are contributions considered to be an asset?
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The money in the account generally isn’t considered to be an asset for state and federal benefit purposes. For Supplemental Security Income (SSI) benefits only, you can have up to $100,000 in the account before the funds start to count against the $2,000 limit.
- Can someone else access my account?
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To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative (ALR) is the manager. If you want to change the ALR for the account, give us a call Monday through Friday, at 1-844-394-2253 from 3am-2pm HST.
- What if I want to close my account?
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Simply give us a call and we’ll help you out. Reach us Monday through Friday, at 1-844-394-2253, 3am-2pm HST. We’ll be sad to see you go.
- How do I withdraw money?
- You can make withdrawals of at least $5 at any time online. A transfer can take 2-7 business days to complete, depending on how the money is allocated. If you request a check, a $2.50 fee will be deducted from the check amount. You’ll get the payment in 5-7 business days. If you request a full... Read more
- How do I add money?
- Once your bank account is connected, you can make a contribution of at least $5 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $5 to add funds automatically each month. You can also make a contribution by check. Make your... Read more
- Can I open a new ABLE for ALL Savings Plan account if my previous ABLE for ALL Savings Plan was closed?
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Yes, log in to your closed account using your email and password, then find the “Create new account” link to get started.
- What are the fees?
- There are some fees to keep the account up and running. The annual flat fee is $35, plus an annual administration fee of 0.30% of the account’s balance and fees for the investment option. Additional fees are added based on how you use the account: $10 per year for paper statements when you choose... Read more
- How much does it cost to open an account?
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Opening an account doesn’t cost anything. You’ll need to make an initial transfer of at least $25 to get started. There are some fees to keep the lights running. Check them out here.
- Are there restrictions to open an account?
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Your current age doesn’t matter if the disability or blindness developed before you were 26 years old. There’s legislation proposed to raise the age, but for now you can’t open an account if your disability or blindness occurred after age 26.
