New Hampshire
Program Name:
NH ABLE PLan (click to open an account) Phone: 1-888-609-3263 from 8am-5pm ET
Status: Open for Enrollment
State Program Manager: Ascensus College Savings Recordkeeping Services, LLC
State Account Limit: $569,163
Accepts Out Of State Residents: No
Annual Contribution Limit: $18,000 (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 $14,580 for residents of New Hampshire.
Program Banking Institution: Bank of New York Mellon
Number Investment Options: 4
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.
1. Contributions received from a Beneficiary or ALR will be subject to a five (5) Business Day holding period before the funds are available for withdrawal. 2. Contributions made as a result of a gift from a third party will be subject to a ten (10) Business Day holding period before the funds are available for withdrawal. 3. A change in mailing address will result in a ten (10) Business Day holding period before physical checks can be requested and mailed to the new address of record. 4. A change in bank account will result in a ten (10) Business Day holding period before Electronic Fund Transfers can be requested and sent to the new linked bank account.
Medicaid Estate Recovery Status: Upon the death of the account owner, the state Medicaid agency shall be a creditor for the total medical assistance paid under the State’s Medicaid program on behalf of the account owner after the establishment of the account, upon filing of a claim for payment by such state.
State Income Tax Deduction: No. There is no state income tax for residents of New Hampshire.
FDIC Insured: Yes. The Fifth Third Bank, NA Bank Safe account is FDIC Insurance up to $250,000, subject to certain restrictions.
Account Disclosure Document(s):
Please See Plan Disclosure Document
Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account? Yes, during the opening procedure, (online or paper application) this relationship is established via the answer to the hierarchy question included.
Does your plan allow for proper account titling for a representative payee? If the representative payee is an individual, they set up the account with themselves as the Authorized Legal Representative. If the representative payee is an entity, the account is set up with the entity as the administrator with an agent to act on behalf of the entity.
What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? Upon notification of the death of the account owner, our staff requests a copy of the death certificate. Once received, we inquire if there are outstanding qualified disability or funeral and burial expenses to be paid. If so, payment is made to cover those expenses. If there are funds left above those final expenses, the state Medicaid recovery office is notified of the death and opportunity to recover. If there are funds left after Medicaid recovery or due to no recovery request, a check is made payable to the estate of the account owner.
Program at a Glance
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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. $1. -
Is there an annual set fee to maintain the account? If so, how much?
Yes. The account is charged an account maintenance fee of $15 per quarter. This fee can be discounted by $3.75 per quarter if you select email delivery for statements and confirmations. The fee can be discounted by another $1.25 if the Account Owner or Authorized Individual is a resident of New Hampshire. If you are invested in the checking option, an additional monthly service charge of $2 will be applied to your account. This fee is waived if your account has an average daily balance over $250 or if you select electronic statement delivery with Fifth Third Bank. -
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
No. -
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. $5.00 per month -
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
Yes. $0. - Fee Range
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Annual Maintenance Fee:
The current account maintenance fee is $39 per year payable at $9.75 per quarter. -
Check Fee:
$0 -
Debit Card Fee:
$5.00 per month -
Investment Option Fee Range:
-
Statement Fee:
$10 annually (print/mail); $0 electronic -
ABLE Account Transfer Fee:
There is no fee for rolling over an account, however, based on when the account is terminated, the account owner may be assessed a portion of the maintenance fee. -
Withdrawal Transaction Fee:
$0
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Annual Maintenance Fee:
-
Are there other characteristics unique to your program?
New Hampshire is a member of the National ABLE Alliance, a bi-partisan consortium of states and the District of Columbia. RI’s ABLE Account Owners benefit from powerful oversight, high-quality plan features and low-cost, strong-performing investments. Account Owners have access to an exclusive, fully integrated Fifth Third, FDIC-insured Checking Account Option, which is available with a real-time debit card and check-writing capability. The NH ABLE plan is available to both in-state and out-of-state residents. Anyone can contribute to a NH’s ABLE Account, and the easy-to-use Ugift feature makes gift contributions easy.