Hawaii
Program Name:
Hawaii ABLE Savings Program (click to open an account) Phone number: 1-844-394-2253
Status: Open for Enrollment
State Program Manager: Vestwell
State Account Limit: $400,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $19,000 (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 their ABLE Account. The additional amount that may be deposited 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 $15,060 for residents of the continental U.S.; $18,810 for residents of Alaska and $17,310 for residents of Hawaii.
Program Banking Institution: BNY Mellon
Number Investment Options: 4
Program Investment Institution(s): Vanguard and DFA
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.
5 day hold on account owner or Authorized Legal Representative contributions, 10 day hold on third party contributions
Medicaid Estate Recovery Status: Upon the death of the account owner, the state Medicaid agency shall be a creditor for the total medical assistance paid under the State’s Medicaid program on behalf of the account owner after the establishment of the account, upon filing of a claim for payment by such state.
State Income Tax Deduction: No.
FDIC Insured: Yes. BNY Mellon FDIC Insured account up to $250,000.
ABLE Legislation:
Account Disclosure Document(s):
Please See Plan Disclosure Document
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. Where possible, we would like to help the person with the disability open and manage their own ABLE account. If they are not able to or would like someone else to manage the account we allow for people to serve as Authorized Legal Representatives. Please visit this page for more information: https://www.hawaiiablesavings.com/alr-info
Does your plan allow for proper account titling for a representative payee? Our ABLE plan allows for representative payees to properly manage the account as Authorized Legal Representative.
What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? Our ABLE plan allows for the payment of funeral and burial expenses as a qualified disability expense (QED) prior to the remaining assets being transferred to the estate of the beneficiary.