Washington

Program Name: Washington State ABLE (click to open an account)
Status: Open for Enrollment
State Program Manager: Sumday Administration, LLC
State Account Limit: $500,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 3
Program Investment Institution(s): Vanguard: “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 Payback Waived: Yes. Yes, against the ABLE account. No, against the estate. Washington will lien an ABLE account owner's estate for Medicaid recovery as required by the Social Security Act.
State Income Tax Deduction: No. There are no income taxes for residents of Washington.
FDIC Insured: Yes
ABLE Legislation:

Washington House Bill 2323

Account Disclosure Document(s):

Account Disclosure Document


Additional Information:

Fee to roll MI ABLE to another state plan: “$0 within Sumday family of ABLE plans. $50 to other ABLE plans.”

Washington will lien an ABLE account owner’s estate for Medicaid recovery as required by the Social Security Act.

Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. 35
  • 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. $1.25 a month
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $50.
  • Fee Range
    • Annual Maintenance Fee:
      35
    • Check Fee:
      $2.50
    • Debit Card Fee:
      $1.25 per month
    • Investment Option Fee Range:
      $3.53 to $3.70 on $1,000 investment per year.
    • Statement Fee:
      Free online statements
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