American Funds offers ABLEAmerica, the first ABLE plan available through financial advisors for individuals with disabilities and their families.
- Program typeABLE Savings Plan
- Investment ManagerAmerican Funds
- Inception2018
- State agencyVirginia529
- Program ManagerAmerican Funds Service Company, American Funds Distributors and Capital Research and Management Company
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:
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Fees & Expenses
Enrollment or application fee:
Account maintenance fee:
Program management fees:
Expenses of the underlying investments:
Total asset-based expense ratio:
Taxes and other Benefits
Program match on contributions:
State tax deduction or credit for contributions:
State tax recapture provisions:
State definition of qualified expenses
State tax treatment of qualified distributions:
State tax treatment of rollovers:
Medicaid eligibility
Medicaid recapture provisions
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
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
Virginia 529 plan becomes first to top $100 billion mark (08/09/2021)
Virginia529 hits $100B milestone (07/30/2021)