RI's ABLE is offered through the National ABLE Alliance. The program was established within the Executive Office of Health and Human Services and administered in conjunction with the State Investment Commission for the purposes of administering ABLE accounts established to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities. Under RI's ABLE, one or more persons may make contributions to an account to meet the qualified disability expenses of the Account Owner.
- Program typeABLE Savings plan
- Investment ManagerUnderlying mutual funds and ETFs sponsored by BlackRock, Schwab, and Vanguard. Sallie Mae Bank provides the high yield savings account.
- State agencyExecutive Office of Health and Human Services in conjunction with the State Investment Commission
- Program ManagerAscensus
State residency requirements:
Who can be a participant/owner in the program?
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