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General Information

Illinois ABLE logo

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 Manager
    Underlying mutual funds and ETFs managed by BlackRock, Schwab, and Vanguard. Sallie Mae Bank provides the high yield savings account.
  • Inception2017
  • State agency
    Office of the Illinois State Treasurer
  • Program Manager
    Ascensus

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

Contributions

Maximum contributions:

Minimum contributions:

Investment Options

Target-Risk Options:

Bank Money Market Investment / Checking Option:

Fees & Expenses

Enrollment or application fee:

Account maintenance fee:

Program management fees:

Expenses of the underlying investments:

Total asset-based expense ratio:

Fees or restrictions on the number of disbursements

Taxes and other Benefits

Program match on contributions:

State tax deduction or credit for contributions:

State tax recapture provisions:

State tax treatment of qualified distributions:

State tax treatment of rollovers:

Medicaid eligibility

Medicaid recapture provisions

Is there a debit card/ purchasing card available, and if so, at what cost?

Statutory protection of an account from creditors:

Distributions & Terminations

To whom are distributions made payable:

Account Changes

Policy regarding participant/owner changes:

Documents, Access & Reporting

Does participant have online password-protected access to account?

Can the complete enrollment process including funding be done online?

Documents and other services accessible or downloadable on the program's public Web site:

Contact

Website:

Email:

State News

Assets and accounts on the rise for Bright Start, Bright Directions (02/06/2019)
New Illinois law gives every child born after 2021 money for college (01/04/2021)
Two of Illinois' college savings plans reach record investments (01/26/2021)