170103_ABLE
Paraplegic athlete stretching with female teammate Mike Harrington—Getty Images

ABLE Savings Accounts: An Updated, State-by-State List of Programs

Jan 04, 2017

Until recently, accumulating as little as $2,000 in savings spelled disaster for the millions who rely on federal assistance with medical bills and living costs—because even that modest amount was enough to render them ineligible for disability benefits through Medicaid or Supplemental Security Income (SSI).

That's now changed. The federal ABLE Act, passed in 2014, made way for new state programs—modeled after 529 savings plans—that let those with disabilities, and their families, put aside up to $14,000 a year to be used for a wide variety of disability-related costs, including living expenses. The most important shift: Money in these accounts won't count against the $2,000 asset limit.

Any individual who is blind or diagnosed with a disability before age 26 and getting benefits through the Social Security disability program is automatically eligible. You may only have one account—but it can be in any state that allows it. (Read more on the best ways to use the new ABLE accounts.)

Below are details on all 10 of the states currently offering ABLE programs; MONEY will continue to update this page as new states roll out their own programs. You can also use this tool from the National ABLE National Resource Center to compare the state programs’ investment options, costs, tax benefits, and other perks head to head.

Alaska

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $40 ( plus an extra $15 if you want paper statements and confirmations)
  • Investment Options: 6 portfolio options with funds from BlackRock, Schwab, and Vanguard
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of 13 states that have pooled resources in order to offer state ABLE programs , and one of the first to go live
  • Program Website: Alaska ABLE Plan

Florida

  • Eligibility: State residents only
  • Minimum to Open: $0
  • Annual Fee: $0
  • Investment Options: 3 portfolio options with funds from Vanguard, Florida PRIME, and BlackRock.
  • Tax Benefits to State Residents: None
  • Program Website: Florida ABLE United

Kentucky

  • Eligibility: State residents only
  • Minimum to Open: $5
  • Annual Fee: $60
  • Investment Options: 5 portfolio options with funds from Vanguard
  • Tax Benefits to State Residents: None
  • Special Features: Free debit card option to help access funds
  • Program Website: STABLE Kentucky

Michigan

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $45
  • Investment Options: 4 portfolio options with funds from Vanguard and Dimensional Fund Advisors and an FDIC-insured savings account
  • Tax Benefits to State Residents: Up to a $10,000 deduction for joint filers and $5,000 for single filers for contributions made to the accounts
  • Special Features: Debit card option available starting Feb. 1, 2017
  • Program Website: MiABLE

Nebraska

  • Eligibility: Nationwide
  • Minimum to Open: $50, or $25 if signed up for monthly payroll deduction
  • Annual Fee: $45
  • Investment Options: 4 portfolio options with funds from Vanguard
  • Tax Benefits to State Residents: Up to a $10,000 deduction for joint filers and $5,000 for single filers for contributions made to the accounts
  • Program Website: Nebraska Enable Savings Plan

Ohio

  • Eligibility: Nationwide
  • Minimum to Open: $50
  • Annual Fee: $30 for state residents, $60 for out-of-state participants
  • Investment Options: 5 portfolio options with funds from Vanguard
  • Tax Benefits to State Residents: $2,000 per contributor
  • Special Features: Free debit card option available
  • Program Website: Ohio STABLE Accounts

Oregon

  • Eligibility: Oregon ABLE Savings Plan is open to in-state residents; ABLE for ALL savings plan is open to participants nationwide
  • Minimum to Open: $25
  • Annual Fee: $45 for state residents (half off through 2017), $55 for out-of-state participants
  • Investment Options: 3 portfolio options with funds from Vanguard and Dimensional Fund Advisors and an FDIC-insured savings account
  • Tax Benefits to State Residents: Up to a $4,620 deduction for joint filers and $2,310 for single filers for contributions made to benefit account holders who are under age 21
  • Special Features: Reloadable prepaid card available for $1.50 annual fee
  • Program Website: Oregon ABLE Savings Plan

Rhode Island

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $40 ( plus an extra $15 if you want paper statements and confirmations)
  • Investment Options: 6 portfolio options with funds from BlackRock, Schwab, and Vanguard
  • Tax Benefits to State Residents: None
  • Special Features: A member of the National ABLE Alliance, a group of 13 states that have pooled resources in order to offer state ABLE programs , and one of the first to go live
  • Program Website: RI’s ABLE

Tennessee

  • Eligibility: Nationwide
  • Minimum to Open: $25
  • Annual Fee: $0
  • Investment Options: 14 portfolio options with funds from Vanguard and Dimensional Fund Advisors
  • Tax Benefits to State Residents: None
  • Program Website: ABLE TN

Virginia

  • Eligibility: Nationwide
  • Minimum to Open: $0
  • Annual Fee: $39, but waived if you maintain $10,000 daily average
  • Investment Options: 6 portfolio options with funds from Vanguard and Fidelity
  • Tax Benefits to State Residents: $2,000 per contributor
  • Special Features: Free debit card option available
  • Program Website: ABLEnow
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