Program Name: CalABLE
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: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 4
Program Investment Institution(s): TIAA-CREF; “Except to the extent of 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: No
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: Yes. Subject to federal and state probate laws. Medi-Cal will not file a claim directly on the ABLE account. However, the state may recover on assets that have transferred from an ABLE account to an estate. In these cases, Medi-Cal will recover only if ALL of the following apply: 1) The deceased Medi-Cal member was aged 55 or older; 2) The member leaves an estate that is subject to formal probate. Under current law, only estates that exceed $150,000 (on Jan 1, 2020 this increases to $166,250) in value are subject to formal probate; 3) The member received nursing facility services or home and community based services, including related hospital and prescription drug services; 4) The member is not survived by a spouse of registered domestic partner, child under 21 years of age, or disabled child of any age. Recipients of the estate may also apply for a hardship waiver against recovery on all or part of the estate. Recovery is limited to the amount of payments made for the services listed above (including managed care premiums) or the value of the estate, whichever is less. California Welfare and Institutions Code 4885(b), along with Center for Medicaid and Medicaid Services SMD# 17-002, “RE: Implications of the ABLE Act for State Medicaid Programs.”  Direction to states on recovery of ABLE accounts can be found on page 7.
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):

Additional Information:

Contributions made by check or ACH will not
be available for withdrawal for 10 Business
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?
    No. The fee for the pre-paid card is $1.25 per month.
  • 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:
    • Check Fee:
    • Debit Card Fee:
    • Investment Option Fee Range:
      $0 to $5.40 on $1,000 investment per year.
    • Statement Fee:
    • ABLE Account Transfer Fee:
    • Withdrawal Transaction Fee:
      $0 for ACH
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