Status: Open for Enrollment
State Program Manager: TSA Consulting Group, Inc.
State Account Limit: $500,000
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): Purdent; “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: No. Medicaid payback is not specifically waived, however Medicaid has never requested payback.
State Income Tax Deduction: Yes. $5,000 of contributions are deductible for Michigan individual income tax purposes. $10,000 of contributions for joint filers are deductible for Michigan income tax purposes.
FDIC Insured: Yes
Achieve a Better Life Experience (ABLE) Act S.1872/H.R.3423
Deposits subject to 5 Business Day Hold.
Minimum deposit: $25, $15 if enrolled in re-occurring payments
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. $45 yearly, $11.25 quarterly
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. Replacement fee only
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:
$45 per year; $11.25 quarterly
Investment Option Fee Range:
$1.60 to $2.70 on $1,000 investment per year
- Annual Maintenance Fee: