General InformationDownload PDF Report
ABLE Accounts encourage individuals with a disability and their families to save private funds to support health, independence, and quality of life. In July 2015, the State of Florida created Florida ABLE, Inc. (d/b/a ABLE United) a registered not-for-profit and direct support organization of the Florida Prepaid College Board to administer the ABLE United Program.
- Program typeABLE Savings plan
- Investment ManagerBlackRock, Florida PRIME, The Vanguard Group, Inc., The Northern Trust Company.
- State agencyFlorida Prepaid College Board
- Program ManagerABLE United
State residency requirements:State residency is only a requirement of the beneficiary at time of application.
Who can be a participant/owner in the program?An account may be opened by a Florida resident with a qualifying disability or an authorized administrator acting on his/her behalf.
Program restrictions:To be eligible for an ABLE savings plan, an individual must have been diagnosed with a disability before age 26, and be eligible to receive benefits under Supplemental Security Income (SSI) and/or Social Security Disability Insurance (SSDI). Individuals who are not receiving SSI and/or SSDI may still be eligible if they meet the age requirement and have been diagnosed by a licensed physician and received a letter of certification.
Did you know?
The plan can be used to pay for qualified disability expenses.
This can include education, job training and support, healthcare and financial management.
Savings in an ABLE account will not impact eligibility to receive government benefits.
The first $100,000 is exempt from the Supplemental Security Income limit, and beneficiaries will continue to receive Medicaid regardless of account size.
Residents are not limited to investing in their own state's ABLE plan.
Another state may offer a plan with better suited investment options, lower fees or preferred features.
Visit this plan's website to learn more
Maximum contributions:Annual contribution limit is currently $15,000 from all sources. If the beneficiary works, the beneficiary can also contribute part, or all, of their income to their ABLE account. This additional contribution is limited to the poverty-line amount for a one-person household. For 2018, this amount is $12,140. The designated beneficiary is not, however, eligible to make this additional contribution if their employer contributes to a workplace retirement plan on their behalf.
ABLE account beneficiaries can qualify for the Saver's Credit based on contributions they make to their ABLE accounts. Up to $2,000 of these contributions may qualify for this special credit designed to help low- and moderate-income workers.
There is also a maximum account balance limit of $418,000. However, assets can grow beyond $418,000 due to investment earnings without violating the maximum account balance limit.