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General Information
Illinois ABLE
Illinois ABLE is offered through the National ABLE Alliance. The plan is established under the Illinois ABLE account program legislation and Section 529A to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life, and to provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, federal and Illinois medical and disability insurance, the beneficiary's employment, and other sources.
- Program typeABLE Savings plan
- Investment ManagerUnderlying mutual funds and ETFs managed by BlackRock, Schwab, and Vanguard. Sallie Mae Bank provides the high yield savings account.
- Inception2017
- State agencyOffice of the Illinois State Treasurer
- Program ManagerAscensus
Eligibility
State residency requirements:
Who can be a participant/owner in the program?
Program restrictions:
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