An adult beneficiary with a qualifying disability can open and manage an ABLE account.If a beneficiary is under the age of 18 or unable to open an account on their own, they must have an Authorized Legal Representative (also known as an ALR) do it for them. An ALR must be Power of Attorney, the Legal Guardian or Conservator for a beneficiary. If the beneficiary is under the age of 18, the ALR can also be a parent. Learn more about the role of an ALR.Alternatively, a Social Security Representative Payee who has Power of Attorney can act as an ALR and can open an account for an eligible beneficiary. Either way, a beneficiary can only have one ABLE account at a time.
Yes, you can have an ABLE account for yourself and/or open and manage multiple ABLE accounts for beneficiaries as their Authorized Legal Representative. Remember that each ABLE account can be connected to one or more bank accounts but can only be linked to one prepaid card. Remember that each beneficiary can only have one ABLE account at a time. See how to open additional ABLE accounts.
You can do this two ways.Logged out, from the sign-up page: Go to the ABLE for ALL website to sign up for a new ABLE account. During the first step of registration there will be a link to sign in. Log in and follow the steps to create an ABLE account for either yourself or your beneficiary. Logged in, from the dashboard of your account on a desktop or mobile device: In the upper right corner of the screen, or in the navigation on mobile, find the link that says “create new account.” Click it and follow the steps to create a new ABLE account.
You can find all the information about an ABLE account on the account detail page. The account number is at the top of that page. The rest of the information about the beneficiary’s account can be viewed and edited from this page: the address, contact info, condition, customization, money allocation and yearly goal.
If you’re an eligible beneficiary with a Representative Payee, you can open an account for yourself. To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (Power of Attorney, Legal Guardian, Conservator or parent of a beneficiary under the age of 18). Because the role of Representative Payee is specific and unique to social security benefits, it doesn't apply to ABLE plans without Limited Power of Attorney. Find out more about who can open an account.
There are some fees to keep the account up and running. The annual flat fee is $35, plus an annual administrative 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: $1.25 per month for the prepaid card. $10 per year for paper statements when you choose to opt out of electronic statements. $2.50 per check withdrawal. $25 if a transfer fails or a check bounces. Any additional services may have extra fees.
Your current age doesn’t matter if the disability or blindness was developed before the age of 26. There’s legislation proposed to raise that age, but for now you can’t open an account if your disability or blindness occurred after age 26.
You have to add at least $25 to get the account started. After that, you can add as little as $10 at any time. Money can be added to the cash option and/or invested. If you decide to make an investment, at least 10% of your total funds need to be invested in one of the three investment options: ABLE Conservative, ABLE Moderate or ABLE Aggressive. Don’t forget: You’ll need the bank login information, or account and routing number to set it up.
Make sure you have this information handy: Your email. Your birthday. Social Security Number or Tax Identification Number. Contact details. Proof of eligibility. If you’re an Authorized Legal Representative, you’ll need the same information as the beneficiary’s, plus your work status. If the beneficiary is not eligible for SSI or SSDI benefits, they need a signed diagnosis form from a licensed physician. You won’t need to provide it for registration, but the IRS or the Plan may ask for it at any time. If you’re signing up by snail mail, you’ll need an Enrollment Form.
Once you’ve gone through all the eligibility requirements, it only takes 10 minutes to open an account online. You (or the Authorized Legal Representative) will need to have some basic information handy. Once you’ve been verified, you’ll set up the account details by: Creating a login. Connecting a bank account. Selecting the cash option and/or an investment option. If you would rather fill out the Enrollment Form by hand, send it by snail mail to the address below once it is complete. Mail your registration form to: ABLE for ALL Savings PlanP.O. Box 9891Providence, RI 02940-8091