Virginia – ABLEnow

Program Name: ABLEnow (click to open an account)
Status: Open for Enrollment
State Program Manager: ABLEnow is the national ABLE program sponsored by the Commonwealth of Virginia and administered by Virginia529.
State Account Limit: $500,000
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 or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less: up to $12,760 for residents of the 48 contiguous states; $15,950 for Alaska; or $14,680 for residents of Hawaii.
Number Investment Options: 5
Program Investment Institution(s): Vanguard and Fidelity
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.   Typically, funds are available one to three business days after a deposit.
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 ABLE account, upon filing of a claim for payment by such state against the account owner's estate. Virginia law prohibits the state from filing Medicaid recovery claims against the ABLEnow or ABLEAmerica accounts of Virginia residents, unless required by federal law.
State Income Tax Deduction: Yes. $2,000 of contributions to an ABLEnow account per contributor are deductible for Virginia income tax purposes.
FDIC Insured: Yes. Balances in the ABLEnow Deposit Account are insured to the extent allowed by the Federal Deposit Insurance Corporation (FDIC).
ABLE Legislation:

Sections 23.1-700 through 23.1-713 of the Code of Virginia, as amended.

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?
    No.
  • Is there a required minimum contribution to your account? If so, what is the amount?
    No.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $39 per year, payable at $3.25 per month. The monthly service fee is waived if you maintain an average daily balance of $10,000 in the ABLEnow Deposit Account.
  • 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 fee for the ABLEnow Debit Card.
  • 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:
      $39 per year, payable at $3.25 per month. The monthly service fee is waived if you maintain an average daily balance of $10,000 in the ABLEnow Deposit Account.
    • Check Fee:
      NA
    • Debit Card Fee:
      $0
    • Investment Option Fee Range:

      Please See Plan Disclosure Documents.

    • Statement Fee:
      No fee for online statements. There is a $1.50 per month fee for customers who request to receive a monthly paper statement by mail.
    • ABLE Account Transfer Fee:
      $0
    • Withdrawal Transaction Fee:
      $0
  • Are there other characteristics unique to your program?

    ABLEnow is the national, direct-sold ABLE savings program administered by Virginia529, the nation’s largest college savings plan. Launched in 2016, ABLEnow features a convenient website to open and manage your account anytime, a fee-free savings option for balances of $10,000 or more and free resources such as a debit card compatible with mobile wallets, online gifting center and in-house ABLE experts available by phone and email.

ABLEnow (click to open an account)
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