ABLE United (click to open an account) Phone: 1-888-524-2253
Status: Open for Enrollment
State Program Manager: Vestwell State Savings, LLC
State Account Limit: $418,000
Accepts Out Of State Residents: No
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 Florida.
Program Banking Institution: BNY Mellon
Number Investment Options: 8
Program Investment Institution(s): BlackRock, Inc., BNY Mellon, The Vanguard Group, Inc., Florida PRIME
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. Up to 5 days for first party deposits, 20 business days for third party deposits
Medicaid Estate Recovery Status: The Florida Medicaid program may not file a claim for Medicaid recovery of funds in an ABLE United Account. Upon the death of a designated Beneficiary, funds in the ABLE Account must first be distributed for Qualified Disability Expenses, then transferred to the estate of the designated Beneficiary. Federal law requires that each state recover Medicaid expenditures from a Medicaid recipient’s estate. Federal law also allows for a state to file a claim for Medicaid expenditures from an ABLE account. If the beneficiary received Medicaid in another state, please check the law of that state.
State Income Tax Deduction: No. There is no state income tax for residents of Florida.
FDIC Insured: Yes. FDIC insurance generally protects up to $250,000 of your deposits at the same bank in the same ownership right and capacity. Your ABLE Account invested in the FDIC Savings Fund, taken together with other deposits you hold in a single ownership basis at the Bank of New York Mellon, will be insured up to $250,000.
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? Based on the final IRS regulations, there is an expansion on who may open and manage the account on behalf of the Beneficiary. This includes: the Beneficiary of an ABLE account who has legal capacity selecting an Account Administrator to manage their ABLE account, or the Beneficiary’s agent under a power of attorney, conservator or legal guardian, the spouse, a parent, a sibling, a grandparent, or a representative payee (whether an individual or organization) appointed by the Social Security Administration (SSA), in that order.
Does your plan allow for proper account titling for a representative payee? Accounts that have an individual managing it on behalf of an owner, are title as below (John Doe as the Owner and Jane Doe as the Authorized Legal Representative: John Doe Jane DOE ALR.
What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? In general, accounts are frozen when notified that an owner has passed to prevent additional contributions. Funds may be requested to withdrawn to pay for outstanding QDEs. Upon notification that there are no additional outstanding QDEs, the program will wait for direction form a Personal Representative or court order on how to disseminate the remaining balance including distribution to a successor owner or to their estate.
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?
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. $2.50 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:
Debit Card Fee:
$2.50 per month
If you choose to opt out of electronic statements, there is a $10 per year fee for paper statements.
ABLE Account Transfer Fee:
Withdrawal Transaction Fee:
Prepaid debit card has a $2.50 monthly fee that is deducted from the prepaid card balance monthly.
- Annual Maintenance Fee:
Are there other characteristics unique to your program?
Florida ABLE, Inc. (d/b/a ABLE United) a registered not-for-profit and direct support organization of the Florida Prepaid College Board that administers the ABLE United Program. ABLE United offers a unique gifting page that allows family and friends to contribute online via ACH or debit card. ABLE United is very active in the community and a complete list of events can be found at https://www.ableunited.com/events/.
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? https://www.ableunited.com/save/investment-performance/
Generally, the Program considers an individual is eligible until otherwise notified. Noted Terms and Conditions found in the Program Description and Participation agreement, www.ableunited.com/pdpa, can be found below:
1.13 “Certification” means a verification made under penalties of perjury by a person authorized to make such a verification.
1.18 “Disability Certification” means the same as that term is defined in Section 529A of the Code. A Disability Certification is made by the Administrator, under penalties of perjury, confirming that the Beneficiary meets the requirements for an Account and must include any additional documentation required by the IRS.
2.04 Eligibility to Allocate or Deposit Contributions to the Account.
(a) The Program considers the Certification that the Beneficiary is an Eligible Individual to be valid until the end of the calendar year in which a change in the Beneficiary’s condition occurred.
(b) The Administrator is responsible for promptly notifying the Program of any changes in the Beneficiary’s condition that would result in the Beneficiary failing to satisfy the definition of Eligible Individual. An Administrator’s notice will be considered prompt if the Program received the notice in the calendar year in which the Beneficiary’s condition changes.
10.04 Termination Due to Misrepresentation or Failure to Promptly Report Changes in the Beneficiary’s Condition.
(a) The Program may involuntarily terminate an Account if a material misrepresentation is made in the Application, Request, communication, or maintenance of the Account by the Beneficiary or Administrator. A material misrepresentation includes, but is not limited to, providing an invalid Taxpayer Identification Number or providing a false Certification that an individual is an Eligible Individual or a Member of the Family of the Beneficiary.
7.06 Penalty Due to Misrepresentation or Failure to Promptly Report Changes in the Beneficiary’s condition. A nonrefundable penalty of up to $250 or 100 percent of the Account Balance, whichever is less, may be assessed if the Account is terminated pursuant to Paragraph 10.04.