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ME resident benefits
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
Inception
State agency
Program manager
State residency requirements:
Who can be a participant/owner in the program?
Program restrictions:
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:
Minimum contributions:
Bank Money Market Investment / Checking Option:
Account maintenance fee:
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?
To whom are distributions made payable:
Policy regarding participant/owner changes:
Can the complete enrollment process including funding be done online?
Documents and other services accessible or downloadable on the program's public Web site:
Website:
Telephone:
A good place to start:
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