When will the prepaid card be available?

Stay tuned. The ABLE for ALL prepaid card is coming soon. It’s easy to load and even easier to use for eligible expenses. The annual fee is just $15, and there are no transaction fees. It’s like having your ABLE account in your back pocket. Check back soon to get yours. 
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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 their death and any premiums paid as part of the Medicaid Buy-In Program can be deducted from the balance left. The Medicaid recovery is calculated from the date ...
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Can someone else access my account?

To keep the account safe, don’t share your password or let someone else have access to your account unless an Authorized Legal Representative is the manager. If you want to change the Authorized Legal Representative for the account, give us a call at 1-844-394-ABLE, 9-8 ET or 1-844-888-ABLE for TTY, 9-8 ET.  
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How do I withdraw money?

You can make withdrawals of at least $10 at any time online. A transfer can take between 2-7 business days to complete, depending on how the money is allocated. With a prepaid card, withdrawing money is even faster. Any funds added before 4 p.m. on a business day will be available that day, otherwise they will be ready on the next business day.If you
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How do I add money?

Once your bank is connected, you can make a contribution of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month.Checks are also welcome.Make your checks payable to: ABLE for ALL Savings Plan and ...
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Can I change how my money is allocated?

You can change the allocation of future contributions up to twice per year.  Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your allocation of future contributions, that counts towards your twice a year limit. Head over to your account and decide how much of your future contributions you want to save in the cash option ...
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What’s the difference between an investment and a cash option?

Money saved in a cash option could earn minimal interest. The numbers will fluctuate slightly based on the interest rate of the US capital markets. With an investment, you can choose which portfolio to invest in based on your needs, and there’s a change of your money growing over time. Withdrawals usually take 2-7 business days to complete depending on how they money is allocated.
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What is a cash option?

A cash option is a conservative alternative to investing. If you plan on spending money from the account in the near future, this option is faster to withdraw. Your assets are protected in an FDIC-insured account. Keep in mind that with a low level of risk there’s also a lower level of returns. See the Plan Disclosure Booklet for more information on FDIC ...
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Can I change my investment option?

Yes, you can change your investment option up to twice per year.  Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your investment option, that counts towards your twice a year limit.   If you do make a change to your investment option, we’ll sell your units in the original option and use the proceeds to buy units in ...
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How do I choose an investment option?

If you decide to invest all or some of the money, there are three investment options to pick from: ABLE Conservative, ABLE Moderate and ABLE Aggressive. Each one has its benefits and limitation. We can help educate you on the differences between the three, but we can’t tell you which one to pick.  You can learn more about these options on the How it Works page and the
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Are there any limits to how much I can contribute?

There’s a $14,000 yearly limit and a lifetime maximum value of $310,000 for each ABLE account. When you reach the limit, you can still accrue earnings, but won’t be able to add money until the balance dips below $310,000.  There’s also a limit of $100,000 before funds start to count against your $2,000 asset limit for SSI.Remember: all contribution and withdrawals must be at least $10.
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How does the account work?

Everything can be managed online. The money can be saved in a cash option and/or invested in one of the three investment options offered: ABLE Conservative, ABLE Moderate and ABLE Aggressive. These choices are made during the account setup. By law, you can only make investment changes on your account twice a calendar year, and this includes changes to the allocation between cash/investment or changes to the investment option. ...
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What happens if I withdraw money for a non-eligible expense?

You’ll have to pay taxes on any non-eligible expense, plus a 10% penalty on the earnings portion of the withdrawal. A withdrawal used for a non-eligible expense could affect your eligibility for SSI benefits, Medicaid or other much needed benefits under federal or state programs, as could a withdrawal that is applied to a housing expense in any month after the month of the withdrawal. 
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How do I prove an eligible expense?

Keep your receipts and documentation for all eligible expenses in case the IRS wants to see them. We don’t need proof of your expenses, but you should have it for your records. If you use the prepaid card for eligible expenses, you’ll be able to track your purchases through the system to help with your records, but the IRS will require you also have receipts. 
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