MiABLE (click to open an account) Phone: (844) 656-7225
Status: Open for Enrollment
State Program Manager: TSA Consulting Group, Inc.
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $17,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to his or her ABLE Account. The additional amount that may be contributed is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $13,590 for residents of the continental U.S.; $16,990 for residents of Alaska and $15,630 for residents of Hawaii.
Program Banking Institution: NA
Number Investment Options: 5
Program Investment Institution(s): FPS Trust
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. No restriction on the number of disbursements, however there is a $20 disbursement fee for checks, $15 fee for Wires, and no fee for ACH.
Medicaid Estate Recovery Status: Medicaid may claim any funds remaining after the beneficiary passes away
State Income Tax Deduction: Yes. Yes $5,000 single filers ($10,000 joint) Michigan Individual Income Tax return.
FDIC Insured: Yes. FDIC Insured, subject to certain restrictions.
Account Disclosure Document(s):
ABLE to ABLE rollover: There is no fee associated with a rollover in to the account from another ABLE program, however a distribution fee may be charged on a rollover out.
Program at a Glance
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Is there a required minimum contribution to your account? If so, what is the amount?
Is there an annual set fee to maintain the account? If so, how much?
Yes. $45 annually, paid $11.25 quarterly
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Yes. No restriction on the number of disbursements, however there is a $20 disbursement fee for checks, $15 fee for Wires, and no fee for ACH.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. Replacement fee only
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
- Fee Range
Annual Maintenance Fee:
.5% of balance paid quarterly.
Checkbooks containing 40 checks may be purchased for $6.00 per checkbook. Once the checking account balance reaches at least $25.00, payment for checkbooks may be made from funds in the account.
Debit Card Fee:
no fee, except for lost card replacement
Investment Option Fee Range:
Six investment options with varying risk portfolios. Please see Disclosure Documents for details.
Statements available online; no fee
ABLE Account Transfer Fee:
Withdrawal Transaction Fee:
No transaction fee, fee for disbursements, $20 for check, $15 for Wire, no fee for ACH.
- Annual Maintenance Fee:
Are there other characteristics unique to your program?
High Aggregate Limit of $500,000.00; debit card available; public contribution (crowdfunding); relatively high State tax deduction.