Program Name: Maryland ABLE (click to open an account) Phone: 1. 855.563.2253
Status: Open for Enrollment to residents of any U.S. state.
State Program Manager: Vestwell
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $18,000 (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 $14,580 for residents of the continental U.S.; $18,210 for residents of Alaska and $16,770 for residents of Hawaii.
Program Banking Institution: BNY Mellon
Number Investment Options: 4
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   Up to a maximum of 7 business day hold after a contribution has been received and accepted by the Program for funds to be available to withdrawal.
Medicaid Estate Recovery Status: The provisions of Maryland HB 782/SB 550 section 18–19C–10.This section reads as follows:18–19C–10. 22:(a) Unless prohibited by federal law, on the death of a designated beneficiary, money and assets in an able account may be transferred to: (1) The estate of the designated beneficiary; or (2) An able account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary. (b) Unless required by federal law, an agency or instrumentality of the state may not seek payment under § 529a(f) of the internal revenue code from an able account or its proceeds for any amount of medical assistance paid for the designated beneficiary. Section 2. And be it further enacted, that this act shall take effect June 1, 2018.
State Income Tax Deduction: Yes. $2,500 of contributions per contributor and $5,000 for joint filers, per ABLE account are deductible in computing Maryland taxable income for Maryland state income tax payers (with a 10 year carry forward of excess contributions).
FDIC Insured: Yes. Monies placed in the Maryland ABLE Cash Option are insured under the guidelines of the Federal Deposit Insurance Company (“FDIC”). The Cash Option offers FDIC insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

The Maryland ABLE Act (2016 Maryland Laws Ch. 39 (H.B. 431) was signed into law by Governor Hogan on April 12, 2016, enabling Maryland to begin building an ABLE program. The Maryland ABLE program is implemented by an independent state agency, Maryland 529.

Account Disclosure Document(s):

Please See Plan Disclosure Link

Additional Information:

Maryland ABLE offers both online and paper enrollment. Account holders can also call and make an appointment to visit our offices for assistance to enroll during normal business hours.


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. $10.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. An annual Account Maintenance Fee of $35 is broken into quarterly installments and deducted from the account at the end of each quarter. The amount billed will be prorated for the calendar quarter during which you open your ABLE Account. Each quarter after that you will be billed $8.75.
  • 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. $1.25 per month.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
    • Annual Maintenance Fee:
      An annual Account Maintenance Fee of $35 billed at the end of each quarter. The amount billed will be prorated for the calendar quarter during which you open your ABLE Account. Each quarter after that you will be billed $8.75.
    • Check Fee:
      $2.50 per check
    • Debit Card Fee:
      $1.25 a month
    • Investment Option Fee Range:

      Please See Plan Disclosure Documents

    • Statement Fee:
      None if requested electronically. $10 annual fee if paper statements and paper tax documents vs. electronic are requested
  • Are there other characteristics unique to your program?

    Maryland ABLE has included in its rollover from 529 College Savings and gifting process a step for approval and limiting by the Beneficiary or ALR to ensure that beneficiaries that have savings goals in order to maintain benefits, based on assets outside of the ABLE account, can be completed throughout the calendar year.

    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 onwer and authorized legal representative.

Maryland ABLE (click to open an account) Phone: 1. 855.563.2253