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 5 business day hold period on the amount of check contributions. After that, you will be able to withdraw those funds.
You can make withdrawals of at least $10 from your account online at any time. The money will be transferred to your bank account*, 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 beneficiary within the past 5 business days or gift contributions ...
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.
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
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.
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.
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.
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.
If you’re an eligible beneficiary with a Representative Payee, you can open an account for yourself. To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (as a Power of Attorney, parent, or legal guardian). Because the role of Representative Payee is specific and unique to Social Security benefits, it doesn't apply to ABLE plans without Power of Attorney. Find out more about who can open an account.
If you’re an Authorized Legal Representative of more than one beneficiary, keep in mind that each beneficiary’s ABLE account is treated separately and will receive separate tax documents. Please consult your tax advisor for information about whether you need to file taxes for an ABLE account.
Yes. If you’re an Authorized Legal Representative of more than one beneficiary (or yourself and a beneficiary), you will have one username (email) and password to login to all of the ABLE accounts you manage.
If you’re an Authorized Legal Representative of more than one beneficiary, you can open an account for a new beneficiary from your account in a few steps. Once you’re signed into your ABLE account, look for the “Add an account” link in the upper right corner of the screen, or in the menu on mobile. Click it and follow the steps to create a new ABLE account.
Each beneficiary can only have one ABLE account open at a time. However, if you are an Authorized Legal Representative of one or more beneficiaries, you can manage multiple accounts. See how to open additional ABLE accounts.
Once you’re logged into your ABLE account, go to the “Settings” tab and find the “Add a new bank” button. Follow the steps to connect a new bank account associated with either the beneficiary of the ABLE account or the Authorized Legal Representative. Keep in mind that you won’t be able to withdraw money from an ABLE account to a newly added bank account for 30 days so we can verify the information you gave us.
Yes, we’ve made it even easier to access and handle ABLE funds by allowing you to securely login and connect multiple bank accounts. This makes it easier to manage and grow your ABLE account, and have more control over how to withdraw funds for eligible expenses. See how to add multiple bank accounts.
Yes, monthly transfers are a great way to help an ABLE account grow and reach your yearly goal. Direct deposits, also known as monthly transfers, are automatic contributions that you can set up in just a few steps directly from your account. Look for the “Transfers” button once you’re signed in and follow the instructions.