Ohio

Program Name: STABLE Account (click to open an account)
Status: Open for Enrollment
State Program Manager: Intuition ABLE Solutions, LLC
State Account Limit: $482,000
Accepts Out Of State Residents: Yes
Annual Contribution Limit: $15,000 (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 Account. The additional amount that may be contributed is an amount equal to the Account Owner’s compensation for the year or equal to the poverty line for a one-person household for the prior year, whichever amount is the less: up to $12,490 for residents of the 48 contiguous states; $15,600 for Alaska; or $14,380 for residents of Hawaii.
Number Investment Options: 4
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.
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: Yes. $4,000 of contributions are deductible for Ohio individual income tax purposes (with unlimited carry forward)
FDIC Insured: Yes. The Fifth Third Bank, NA Bank Safe account is FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

Ohio House Bill 155 implements the federal ABLE Act in Ohio

Account Disclosure Document(s):

Please See Plan Disclosure Documents


Program at a Glance

  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
    Yes. $50.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    Yes. $1.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The current account maintenance fee is $30 per year payable at $2.50 per month for Ohio residents and $42 per year payable at $3.50 per month for non-Ohio residents.
  • 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. There is no added costs for the STABLE Card, which is a loadable prepaid debit card. Other fees, terms and conditions apply, see Cardholder Agreement.
  • 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:
      The current account maintenance fee is $30 per year payable at $2.50 per month for Ohio residents and $42 per year payable at $3.50 per month for non-Ohio residents.
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:

      Please See Plan Disclosure Documents

    • Statement Fee:
      $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.
  • Are there other characteristics unique to your program?

    The program 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 / direct deposit and a loadable debit card with customizable spending controls and transactional record keeping.

STABLE Account (click to open an account)
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