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
- 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.
- Is there a minimum to open an account?
- 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 three investment options: ABLE... Read more
- What do I need to open an account?
- Make sure you have this information handy: Your email; Your birthday; Social Security Number or Tax Identification Number; Contact details; and 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... Read more
- How do I open an account?
- 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... Read more
- How do I know if I'm an Authorized Legal Representative (ALR)?
- An Authorized Legal Representative (ALR) is someone who is legally authorized under state and federal law to make decisions for the beneficiary. You're an ALR if you are selected by the eligible beneficiary with legal capacity, you have Power of Attorney, are a conservator or legal guardian, are a... Read more
- Can I still work and have an account?
- Yes. With the ABLE to Work Act you can even contribute up to an extra $14,580 (as of 2024) to your ABLE account if you are working, in addition to the yearly contribution limit of $18,000. Keep in mind that ABLE accounts help protect assets from counting against benefit asset limits. They do not... Read more
- Can there be more than one Authorized Legal Representative (ALR)?
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There can be only one Authorized Legal Representative (ALR) per account, but you can change an ALR by filling out a Change of Authorized Legal Representative Form.
- Does the Authorized Legal Representative (ALR) own the account with the beneficiary?
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Nope. No matter who opens the account, the beneficiary owns all of the funds.
- Who owns the account?
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If the account is for yourself, the money and funds are yours. If an Authorized Legal Representative, such as a parent or guardian, opened and managed the account for a beneficiary, the money still belongs to the beneficiary.
