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Home → 529 Plans → Maine → ABLE ME

ABLE ME

The ABLE ME Program is established and maintained by the Maine State Treasurer and administered by Bangor Savings Bank. The ABLE ME Program is intended to operate as a qualified ABLE program, pursuant to Internal Revenue Code Section 529A, that was adopted as part of The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014, as amended.

  • Program type
    ABLE Savings Plan
  • Inception
    2022
  • State agency
    Maine State Treasurer
  • Program Manager
    Administered by Bangor Savings Bank

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

Bank Money Market Investment / Checking Option:

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Fees & Expenses

Account maintenance fee:

Taxes and other Benefits

State tax deduction or credit for contributions:

State definition of qualified expenses

Medicaid eligibility

Medicaid recapture provisions

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

Distributions & Terminations

To whom are distributions made payable:

Account Changes

Policy regarding participant/owner changes:

Documents, Access & Reporting

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:

Telephone:

State News

A good place to start:
A good place to start:
See the best 529 plans, personalized for you
See the best 529 plans, personalized for you
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