Illinois

Program Name: Illinois ABLE
Status: Open for Enrollment
State Program Manager: Ascensus
State Account Limit: $450,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000
ABLE To Work Act Contribution: $12,140
Number Investment Options: 6
Program Investment Institution(s): BlackRock, Schwab, and Vanguard; “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: Yes
Withdrawal Hold Rules: Yes
Medicaid Payback Waived: Yes. Subject to federal and state probate laws.
State Income Tax Deduction: Yes. Illinois taxpayers can contribute to any Illinois ABLE account and take a state income tax deduction of up to $10,000 if filing as an individual, $20,000 if filing jointly. Consult with a tax advisor to discuss your specific situation.
FDIC Insured: Yes
ABLE Legislation:

The Illinois ABLE Act is part of the Illinois State Treasurer Act (15 ILCS 505/16.6)

Account Disclosure Document(s):

Illinois ABLE Disclosure Statement


Additional Information:

Illinois is a member of the National ABLE Alliance, a bi-partisan consortium of states. Illinois ABLE account owners benefit from powerful oversight, high-quality plan features and low-cost, strong-performing investments.  Account owners have access to an exclusive, fully integrated Fifth Third, FDIC-insured checking account option, which is available with a real-time debit card and check-writing capability.  The Illinois ABLE plan is available to both in-state and out-of-state residents, and Illinois taxpayers who contribute to Illinois ABLE accounts can take a deduction from state income taxes.  Anyone can contribute to an Illinois ABLE account, and the easy-to-use Ugift feature makes gift contributions easy.

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. 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.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    No.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. 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.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes.
  • 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.
    • Check 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.
    • 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.
    • Statement Fee:
      There is a separate account maintenance fee for the Checking Option, which can be waived if you choose electronic delivery or maintain an average monthly balance of $250 or more in the Checking Option during your monthly statement cycle.
Scroll Up