Program Name: CalABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: TIAA-CREF Tuition Financing, Inc.
State Account Limit: $529,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: 15000
ABLE To Work Act Contribution: 12490
Number Investment Options: 4
Program Investment Institution(s): TIAA-CREF: “Except to the extent of the Federal Deposit Insurance Corporation (FDIC) insurance provided for the debit/checking option, ABLE accounts will be subject to investment risks, including loss of the principal amount invested.”
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.
Medicaid Estate Recovery Status: SB 218 (Dodd) passed in 2017: Medi-Cal will not file a claim directly on the ABLE. The state may recover on assets that have transferred from an ABLE account to an estate. AB 688 (Calderon) passed in 2017: Exempts ABLE accounts from enforcement of money judgments. Account Protection only applies to California residents with a CalABLE account. What Happens when an ABLE Account Owner Passes Away: Any outstanding QDEs may be paid using ABLE funds. The account is then transferred into the deceased individuals estate. Medi-Cal will only attempt recovery if (All must apply): The deceased was age 55 or older. The individual was a user of comprehensive Medicaid services (in home support, skilled nursing, etc.) The individual’s estate is required to go into probate ($150,000 or more). The individual is not survived by a spouse or children under 18 or a disabled child of any age.
State Income Tax Deduction: No.
FDIC Insured: Yes.
ABLE Legislation:

SB 324:

AB 449:

AB 1553:

SB 218:

AB 384:

AB 688:

Account Disclosure Document(s):

Account Disclosure Document

Additional Information:

Contributions made by check or ACH will not be available for withdrawal for 10 business days. There will be a hold of 30 days on withdrawal requests when there is a change to the address in the account record or a change of legal authorized representative.

For ACH withdrawals, you will typically receive the funds within three to five business days after CalABLE processes the request. For a check withdrawal request, you will typically receive the check within seven to ten business days after CalABLE processes the request. However, those time frames are not
guaranteed, and various circumstances may cause your receipt of the funds or the check to be delayed.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $37
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    No. Fees apply to the prepaid card, for paper statements, withdrawing checks, bounced checks or additional services.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. The fee for the card is $1.25 per month; additional fees may apply.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
    • Annual Maintenance Fee:
    • Check Fee:
    • Debit Card Fee:
    • Investment Option Fee Range:

      Please see Plan Disclosure Documents

    • Statement Fee:
    • ABLE Account Transfer Fee:
    • Withdrawal Transaction Fee:
      $0 for ACH
  • Are there other characteristics unique to your program?

    CalABLE will have an ambassador program in the near future. CalABLE launched a financial literacy program with National Disability Institute. CalABLE funds have been exempted from monetary judgements via state law.

CalABLE (click to open an account)
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