WVABLE (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: No
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.
Number Investment Options: 4
Program Investment Institution(s): Vanguard
Debit Card Or Prepaid Card: Yes
Withdrawal Hold Rules: Yes.
Medicaid Estate Recovery Status: Moneys in a STABLE Account are not subject to claims by the West Virginia Department of Health and Human Resources, except as required by federal law; and on the death of a Beneficiary, shall be transferred to the estate of the Beneficiary, unless prohibited by federal law.
State Income Tax Deduction: Yes. West Virginia resident or tax payer may take a state income tax deduction equal to the total contributions to a WVABLE account for the year. Deductions for contributions are allowed for each designated beneficiary and excess deduction may be carried forward for up to five years.
FDIC Insured: Yes. The Fifth Third Bank, NA Bank Safe account is FDIC Insurance up to $250,000, subject to certain restrictions.
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 $42 per year payable at $3.50 per month.
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. 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?
- Fee Range
Annual Maintenance Fee:
The current account maintenance fee is $42 per year payable at $3.50 per month.
Debit Card Fee:
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, West Virginia 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 / direct deposit, and a loadable debit card with customizable spending controls and transactional record keeping.