Colorado ABLE (click to open an account) Phone: 1-888-609-3468
Status: Open for Enrollment
State Program Manager: Ascensus
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: The checking account option is provided through Fifth Third Bank, NA
Number Investment Options: 6
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. Contributions made by check, recurring contribution, or EFT to the checking account option will be available for withdrawal after six business days. Contributions to the investment options made check, recurring contribution, or EFT will be available for withdrawal after 5 business days. There will be a hold of 10 business days on withdrawal requests when there is a change of address.
Medicaid Estate Recovery Status: Upon the death of the designated beneficiary, all amounts remaining in the qualified account not in excess of the amount equal to the total medical assistance paid for the designated beneficiary after the establishment of the account, net of any premiums paid from the account or paid by or on behalf of the beneficiary to a Medicaid Buy-In program under any state Medicaid plan established under title XIX of the Social Security Act, shall be distributed to the state that made such payments upon filing of a claim for payment by such state.
State Income Tax Deduction: Yes. Starting in 2023 contributions are deductible for Colorado State taxes if you use ColoradoABLE plan.
FDIC Insured: Yes. The Fifth Third Bank, NA checking account is FDIC Insurance up to $250,000, subject to certain restrictions.
Please see the Plan Disclosure Documents
ATM fee: $2.00 for each transaction outside of network.
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 rep payee is an individual, they set the account up with themselves as the administrator and the disabled person as the account owner. If the rep 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 and the disabled person as the account owner.
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/disabled person, our staff requests a copy of the death certificate. Once received, we inquire if there are outstanding medical or funeral final expenses. If so, payment is made to cover those expenses. If there are funds left above those final expenses, a check is requested payable to the estate of the account owner/disabled person.
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. The current account maintenance fee is $40 - $60 per year, charged quarterly. If enrolled in electronic delivery of statements a $3.75 discount per quarter and if a CO resident $1.25 discount is offered.
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Yes. Two free withdrawals per month, $1 for each additional withdrawal.
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. The Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
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:
The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
$2 monthly Charge. The fee is waived if your account has an average daily balance of $250 or if you sign up for electronic delivery of statements.
Debit Card Fee:
A Fifth Third Bank checking account option is available with a real-time debit card and no overdraft fees. The $2.00 monthly fee will be waived for accounts with an average daily balance of greater than $250, or if enrolled in electronic statement delivery.
Investment Option Fee Range:
529 College Rollover Fee:
$60 annually, $15 quarterly.
ABLE Account Transfer Fee:
Withdrawal Transaction Fee:
$2 monthly fee is associated with utilizing the debit card option. However, the fee can be waived with an average daily balance over $250.
- Annual Maintenance Fee:
Are there other characteristics unique to your program?
We offer Colorado residents $25 for opening new accounts. Also contributions are state deductable if you use the ColoradoABLE plan.
Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? Yes, the ABLE plan True Link Cards offer different levels of spending on qualified disability expenses for the ABLE account owner and authorized legal representative.
Where can I find the ABLE Plan’s investment performance information? Plan Investment Performance
Description of plan’s Recertification of ABLE Eligibility Policy: On the opening date anniversary each year, the account administrator is asked by our system to recertify the ABLE account: We do not accept deposits or issue disbursements on the account until the recertification is complete. We also offer a paper form to be completed for those without internet access or the inability to use the system.