STABLE Kentucky (click to open an account)
Status: Open for Enrollment
State Program Manager: https://www.stablekentucky.com/
State Account Limit: $501,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $16,000 (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 $12,880 for residents of Kentucky.
Program Banking Institution: Bank of New York Mellon
Number Investment Options: 4
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes. 1. Contributions received from a Beneficiary or ALR will be subject to five (5) Business Day holding period before the funds are available for withdrawal. 2. Contributions made as a result of a gift from a third party will be subject to a twenty (20) Business Day holding period before the funds are available for withdrawal. 3. A change in mailing address will result in a thirty (30) calendar day holding period before physical checks can be requested and mailed to the new address of record. 4. A change in bank account will result in a thirty (30) calendar day holding period before Electronic Fund Transfers can be requested and sent to the new linked bank account.
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. The Fifth Third Bank, NA BankSafe account is FDIC Insurance up to $250,000, subject to certain restrictions.
Kentucky Revised Statutes § 205.200 establishes the rules for STABLE KentuckyAccount Disclosure Document(s):
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 $39 per year payable at $9.75 per quarter.
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?
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 current account maintenance fee is $39 per year payable at $9.75 per quarter.
Debit Card Fee:
There is no monthly cost to have a STABLE Card, a loadable Visa prepaid debit card. Other fees, terms and conditions apply, see Cardholder Agreement.
Investment Option Fee Range:
$10 annually (print/mail); $0 electronic
ABLE Account Transfer Fee:
There is no fee for rolling over an account, however, based on when the account is terminated, the account owner may be assessed a portion of the maintenance fee.
Withdrawal Transaction Fee:
- Annual Maintenance Fee:
Are there other characteristics unique to your program?
STABLE Account is the national ABLE savings program administered by the Office of the Ohio Treasurer of State. Through its partner state model, Kentucky residents have access to a program that features the best customer service and offers ease of enrollment, unsurpassed website accessibility, an online portal to manage your account, some of the lowest investment management fees in the country, payroll deduction, personalized gifting page, and a no cost loadable debit card with customizable spending controls and transactional recordkeeping.