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ABLE Savings Accounts: An Updated, State-by-State List of Programs

Originally Published: Jan 04, 2017
Originally Published: Jan 04, 2017 Last Updated: May 10, 2017 11 min read

Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services.

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Until recently, accumulating as little as $2,000 in savings spelled disaster for the millions who rely on federal assistance with medical bills and living costs—because even that modest amount was enough to render them ineligible for disability benefits through Medicaid or Supplemental Security Income (SSI).

That's now changed. The federal ABLE Act, passed in 2014, made way for new state programs—modeled after 529 savings plans—that let those with disabilities, and their families, put aside up to $14,000 a year to be used for a wide variety of disability-related costs, including living expenses. The most important shift: Money in these accounts won't count against the $2,000 asset limit.

Any individual who is blind or diagnosed with a disability before age 26 and getting benefits through the Social Security disability program is automatically eligible. You may only have one account—but it can be in any state that allows it. (Read more on the best ways to use the new ABLE accounts.)

Mutual fund giant Fidelity launched a Massachusetts-based ABLE program in May, bringing the total of state ABLE programs to 21. Below is a list of all the programs. Money will continue to update this page as new states roll out their own programs. You can also use this tool from the National ABLE National Resource Center to compare the state programs’ investment options, costs, tax benefits, and other perks head to head.

Alabama

  • Eligibility: Nationwide
  • Minimum to Open: $50, waived if you sign up for automatic payroll deductions of $25 or more
  • Annual Fee: $45
  • Investment Options: 3 investment options with funds fromVanguard, plus bank savings and checking accounts
  • Tax Benefits to State Residents: None
  • Program Website: Enable Savings Plan Alabama

 

Alaska

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $40 (plus an extra $15 if you want paper statements and confirmations)
  • Investment Options: 6 portfolio options with funds from BlackRock, Schwab, and Vanguard; plus an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of 13 states that have pooled resources in order to offer state ABLE programs, and one of the first to go live
  • Program Website: Alaska ABLE Plan

Florida

  • Eligibility: State residents only
  • Minimum to Open: $0
  • Annual Fee: $0
  • Investment Options: 3 portfolio options with funds from Vanguard, Florida PRIME, and BlackRock.
  • Tax Benefits to State Residents: None
  • Program Website: Florida ABLE United

Illinois

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 (plus an extra $15 if you want paper statements and confirmations)
  • Investment Options: 6 portfolio options with funds from Blackrock, Charles Schwab and Vanguard, plus a high-yield savings with Sallie Mae and an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of states that have pooled resources in order to offer state ABLE programs
  • Program Website: Illinois ABLE

Iowa

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 (plus an extra $15 if you want paper statements and confirmation)
  • Investment Options: 6 portfolio options with funds from BlackRock, Charles Schwab, and Vanguard; plus an integrated checking/debit account
  • Tax Benefits to State Residents: Up to a $3,128 of contributions are deductible for individual state income taxes
  • Special Features: A member of the National ABLE Alliance, a group of states that have pooled resources in order to offer state ABLE programs
  • Program Website: IAble

Kansas

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 (plus an extra $15 if you want paper statements and confirmation)
  • Investment Options: 6 portfolio options with funds from BlackRock, Charles Schwab, and Vanguard; plus an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of states that have pooled resources in order to offer state ABLE programs
  • Program Website: Kansas ABLE Savings Plan

Kentucky

  • Eligibility: State residents only
  • Minimum to Open: $5
  • Annual Fee: $60
  • Investment Options: 5 portfolio options with funds from Vanguard
  • Tax Benefits to State Residents: None
  • Special Features: Free debit card option to help access funds
  • Program Website: STABLE Kentucky

Massachusetts

  • Eligibility: Nationwide
  • Minimum to Open: $50
  • Annual Fee: $30
  • Investment Options: 8 risk-based Fidelity portfolio options, ranging from a money market option to an aggressive growth option
  • Tax Benefits to State Residents: None
  • Special Features: Free debit card and ATM-fee reimbursement for account holders who link their Fidelity Cash Management Account to their ABLE account.
  • Program Website: The Attainable Savings Plan

Michigan

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45
  • Investment Options: 4 portfolio options with funds from Vanguard and Dimensional Fund Advisors and a FDIC-insured savings account.
  • Tax Benefits to State Residents: Up to a $10,000 deduction for joint filers and $5,000 for single filers for contributions made to the accounts
  • Special Features: Debit card option available starting in 2017
  • Program Website: MiABLE

Minnesota

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 (plus an extra $15 if you want paper statements and confirmation
  • Investment Options: 6 portfolio options with funds from BlackRock, Charles Schwab, and Vanguard, plus an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of states that have pooled resources in order to offer state ABLE programs
  • Program Website: Minnesota ABLE Plan

Missouri

  • Eligibility: State residents only.
  • Minimum to Open: $50
  • Annual Fee: $42
  • Investment Options: 5 portfolio options with funds from Vanguard, plus savings account.
  • Tax Benefits to State Residents: None
  • Special Features: Free, reloadable prepaid debit card option available
  • Program Website: MO ABLE

Nebraska

  • Eligibility: Nationwide
  • Minimum to Open: $50, or $25 if signed up for monthly payroll deduction
  • Annual Fee: $45
  • Investment Options: 4 portfolio options with funds from Vanguard, plus a integrated checking/debit account
  • Tax Benefits to State Residents: Up to a $10,000 deduction for joint filers and $5,000 for single filers for contributions made to the accounts
  • Program Website: Nebraska Enable Savings Plan

Nevada

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 (plus an extra $15 if you want paper statements and confirmation)
  • Investment Options: 6 portfolio options with funds from BlackRock, Charles Schwab, and Vanguard, plus a high-yield savings account with Sallie Mae and an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of states that have pooled resources in order to offer state ABLE programs
  • Program Website: NC ABLE

North Carolina

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 (plus an extra $15 if you want paper statements and confirmation)
  • Investment Options: 6 portfolio options with funds from BlackRock, Charles Schwab, and Vanguard; plus an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of states that have pooled resources in order to offer state ABLE programs
  • Program Website: NC ABLE

Ohio

  • Eligibility: Nationwide
  • Minimum to Open: $50
  • Annual Fee: $30 for state residents, $60 for out-of-state participants
  • Investment Options: 5 portfolio options with funds from Vanguard
  • Tax Benefits to State Residents: $2,000 per contributor
  • Special Features: Free debit card option available
  • Program Website: Ohio STABLE Accounts

Oregon

  • Eligibility: Oregon ABLE Savings Plan is open to in-state residents; ABLE for ALL savings plan is open to participants nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 for state residents (half off through 2017), $55 for out-of-state participants
  • Investment Options: 3 portfolio options with funds from Vanguard and Dimensional Fund Advisors and an FDIC-insured savings account
  • Tax Benefits to State Residents: Up to a $4,620 deduction for joint filers and $2,310 for single filers for contributions made to benefit account holders who are under age 21
  • Special Features: Reloadable prepaid card available for $1.50 annual fee
  • Program Website: Oregon ABLE Savings Plan

Pennsylvania

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $40 (plus an extra $15 if you want paper statements and confirmations)
  • Investment Options: 6 portfolio options with funds from Blackrock, Charles Schwab and Vanguard; plus a high-yield savings account with Sallie Mae and an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of states that have pooled resources in order to offer state ABLE programs
  • Program Website: PA ABLE

Rhode Island

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $40 (plus an extra $15 if you want paper statements and confirmations)
  • Investment Options: 6 portfolio options with funds from BlackRock, Schwab, and Vanguard; plus an integrated checking/debit account
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of 13 states that have pooled resources in order to offer state ABLE programs, and one of the first to go live
  • Program Website: RI’s ABLE

Tennessee

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $0
  • Investment Options: 14 portfolio options with funds from Vanguard and Dimensional Fund Advisors
  • Tax Benefits to State Residents: None
  • Program Website: ABLE TN

Vermont

  • Eligibility: State residents only.
  • Minimum to Open: $50
  • Annual Fee: $42 starting April 2017
  • Investment Options: 5 portfolio options with funds from Vanguard and an FDIC-insured savings account.
  • Tax Benefits to State Residents: None
  • Special Features: Free, reloadable prepaid debit card option available
  • Program Website: VermontABLE

Virginia

  • Eligibility: Nationwide
  • Minimum to Open: $0
  • Annual Fee: $39, but waived if you maintain $10,000 daily average
  • Investment Options: 6 portfolio options with funds from Vanguard and Fidelity
  • Tax Benefits to State Residents: $2,000 per contributor
  • Special Features: Free debit card option available
  • Program Website: ABLEnow