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How does the account work? ›

Everything can be managed online. The money can be saved in a cash option and/or invested in one of the three investment options offered: ABLE Conservative, ABLE Moderate, and ABLE Aggressive. These choices are made during the account setup. By law, you can only make investment changes on your account twice each calendar year, and this includes changes to the allocation between cash/investment or changes to the investment option. You can initiate contributions and withdrawals whenever you want. 
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Who can contribute to my account? ›

Friends, family, and employers can make contributions to your account to help you reach your goals for the account. You can create and share a link to your Gifting Page or use the Gift Form to allow people to contribute directly to your account.
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How do I choose an investment option? ›

If you decide to invest all or some of the money, there are three investment options to pick from: ABLE Conservative, ABLE Moderate, and ABLE Aggressive. Each one has its benefits and limitation. We can help educate you on the differences between the three, but we can’t tell you which one to pick.  You can learn more about these options on the How it Works page and the Plan Disclosure.
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Can I change my investment option? ›

Yes, but under IRS requirements, you are only allowed to change your money allocation and/or investment type up to two times a year. Any changes will be applied to prior contributions, earnings, and future contributions. If you do make a change to your investment option, we’ll sell your units in the original option and use the proceeds to buy units in the new one. You can make a change online from your account or use the Investment Option or Allocation Change Form.
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What is a cash option? ›

A cash option is an alternative to investing. If you plan on spending money from the account in the near future, this option is faster to withdraw. Your assets are protected in an FDIC-insured account. Keep in mind that with a low level of risk there’s also a lower level of returns. See the Plan Disclosure for more information on FDIC insurance.
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What’s the difference between investment and cash options? ›

Money saved in a cash option could earn minimal interest. The interest will fluctuate slightly based on the interest rate of the U.S. capital markets. With an investment, you can choose from three portfolios to invest in based on your needs, and there’s a risk of losing your money, even your contributions, but you may also possibly earn more money over time. Also, withdrawals can take 2-7 business days to complete depending on how the money is allocated. Please read the Plan Disclosure for more information on the Investment Portfolios.
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How do I add money? ›

Once your bank is connected, you can make contributions of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month. Checks are also welcome. Make your checks payable to Washington State ABLE Savings Plan and mail them to: Washington State ABLE Savings PlanP.O. Box 9892Providence, R.I. 02940-9892 Keep in mind that there is a 10-business day hold period on the amount of check contributions. After that, you will be able to withdraw those funds.  
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How do I withdraw money? ›

You can make withdrawals of at least $10 from your account online at any time. The money will be transferred to your bank account* or loaded to your ABLE prepaid card in 2-7 business days, depending on how the money is allocated. If you want to withdraw more than $15,000 or you don’t have an online account, you can mail in a Withdrawal Form. If you request a check, a $2.50 fee will be deducted from the account to cover the processing costs. You’ll receive the check by mail within 5-7 business days. If you request a full withdrawal, your account will still be open and active, but the balance will be $0 until you add money to it. To close the account for good, give us a call. Please note that contributions made by the Authorized Legal Representative or ...
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What if I want to close my account? ›

We'll be sad to see you go, but simply give us a call and we’ll help you out. Reach us at 1-844-600-2253 9am-5pm PT or 1-844-888-2253 (TTY), 6am-5pm PT, Monday-Friday. If an ABLE account has a $0 balance for 12 months or more it may be closed. Once an account is closed, a new account can be created by completing registration again. To re-open an old account please call customer service. 
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Can someone else access my account? ›

To keep the account safe, don’t share your password or let someone else have access to your account, unless they are the Authorized Legal Representative. If you want to add, change, or remove the Authorized Legal Representative for the account, we have forms to help you with the process: Add Authorized Legal Representative FormChange Authorized Legal Representative FormRemove Authorized Legal Representative Form
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Are contributions considered an asset? ›

The money in the account generally isn’t considered an asset for state and federal benefit purposes. However, for SSI benefits only, you can only have up to $100,000 in the account before the funds start to count against the $2,000 asset limit. 
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Is there a Medicaid payback after a beneficiary’s death? ›

If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon their death, and any premiums paid as part of the Medicaid Buy-In Program can be deducted from the balance left. You can learn more about Washington’s process for the Medicaid recovery here. If a beneficiary has passed away, the executor of his or her estate should complete a Death of Beneficiary Form.
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What happens after the death of a beneficiary? ›

In the event of the death of a beneficiary, his or her estate can use the funds from their ABLE account to repay any outstanding eligible expenses, as well as funeral and burial costs. If a beneficiary has passed away, the executor of his or her estate should complete a Death of Beneficiary Form.
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How do contributions & withdrawals work? ›

Each time you make a contribution or a withdrawal, the money will be allocated to help you reach your original target allocation. Let’s say your target allocation is 70% invested and 30% in cash. If you contribute $100 to start off the account, $70 will be invested. Over time, that investment could grow to be $80. Now, your total balance is $110 and your allocations are 72% invested and 28% in cash, because an investment can grow quicker than cash.In this instance when a contribution is made, money will be added to the cash option first to help it go back to 30%, and the rest of the money will be allocated based on your target allocation. The same thing happens when you withdraw money. The goal is to maintain your original target allocation.
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