ABLE United (click to open an account)
Status: Open for Enrollment
State Program Manager: Sumday Administration, LLC
State Account Limit: $418,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000 (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: The ABLE to Work Act allows Beneficiaries who are employed to contribute an amount equal to their current year gross income up to $12,760 each year to their ABLE Account in addition to the annual standard contribution limit.
Program Banking Institution: The Bank of New York 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.
State Income Tax Deduction: No. 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 for your ABLE Account invested in the FDIC Savings.
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
Investment Option Fee Range:
If you choose to opt out of electronic statements, there is a $10 per year fee for paper statements.
ABLE Account Transfer Fee:
- 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/.