FAQs

ABLE stands for the Stephen Beck, Jr. Achieving a Better Life Experience Act of 2014 and refers to savings and investment Accounts that Eligible Individuals can own for the purpose of paying for Qualified Disability Expenses.

No. Any Eligible Individual living in any state or U.S. territory may open an IL ABLE Account. However, before enrolling in an ABLE plan outside of your state of residency, consider your state's plan first.

IL ABLE Accounts can be opened online at illinoisable.com or by sending in a paper enrollment form, which can be downloaded here. IL ABLE Accounts are not available at banks and are not sold by financial advisors and cannot be opened at any physical location or bank, including Fifth Third locations.

No. You will not lose, or lose eligibility for, federal benefits including SSI, SSDI, Medicaid and HUD. If you are an SSI recipient, you can save up to $100,000 in your IL ABLE Account and still receive your monthly SSI benefits. SSDI benefits are not affected by the amount in your IL ABLE Account. Read more at IL ABLE & Public Benefits.

Any Eligible Individual can open an IL ABLE Account for themselves, or an Authorized Individual can open an IL ABLE Account on behalf of an Eligible Individual. An Authorized Individual must be one of the following: an Authorized Agent under Power of Attorney, a legal guardian, spouse, parent, sibling, grandparent, or a representative payee (person or entity) appointed by the Social Security Administration. Learn more at Who Can Open an IL ABLE Account.

An Authorized Individual is a trusted person or entity who has the legal authority to open and manage an IL ABLE Account on behalf of an Account Owner. An adult IL ABLE Account Owner with legal capacity can designate another adult or an entity to act as an Authorized Individual.

For eligible minors, or adults who do not have legal capacity, an Authorized Individual must be one of the following (in order of priority): an agent under power of attorney (person or entity), a legal guardian (person or entity), spouse, parent, sibling, grandparent, or a representative payee (person or entity) appointed by the Social Security Administration. Learn more at Who Can Open an IL ABLE Account.

An Authorized Individual is a trusted individual, entity, organization or agency that manages an IL ABLE Account on behalf of an Account Owner. An Authorized Individual must always administer the Account for the Account Owner’s benefit and federal law prohibits Authorized Individuals from acquiring any beneficial interest in an IL ABLE Account during the Account Owner’s lifetime.

Yes. A person or an entity that has been appointed as a representative payee by the Social Security Administration can open and manage an IL ABLE Account for the benefit of an Eligible Individual so long as they can certify that there is no other person or entity with a higher priority on the list of possible Authorized Individuals that is willing and able to open and manage an IL ABLE Account for the Account Owner. Learn more at Who Can Open an IL ABLE Account.

Anyone, including you, your friends, family members, business, employer, trust, corporation, or other third party can contribute to your Account. Read more at Contributing to an IL ABLE Account.

The total Annual Contribution Limit to an IL ABLE Account is $18,000 per calendar year. This amount includes all contributions from Account Owners, family members, friends and other third parties. See Plan Disclosure Booklet for important details.

Yes! IL ABLE Account Owners who earn income may be eligible to make additional contributions exceeding the Annual $18,000 Contribution Limit. Read more at Working and IL ABLE.

Yes! Illinois taxpayers who contribute to any IL ABLE Account can take a state income tax deduction – up to $10,000 if filing as an individual or $20,000 if filing jointly. Consult with a tax advisor to discuss your specific situation.

These are any expenses that are incurred as a result of living with a disability and are intended to improve quality of life, health and to provide greater independence for the Account Owner. The U.S. Treasury has indicated that Qualified Disability Expenses can be construed broadly to include basic living expenses and include things like education, personal support services, assistive technology, transportation, housing, job coaching and more. Read more at Qualified Disability Expenses.

Not at the time of the withdrawal. Annually, IL ABLE will report the total amount of your withdrawals to the IRS and the date and amount of each of your withdrawals to the Social Security Administration. It's recommended that you keep detailed records in case either entity requests an audit. Read more at Qualified Disability Expenses.

There is no fee to open an IL ABLE Account. And an Account can be opened with an initial contribution of just $25.

You may choose among any combination of six Targe Risk Options and an FDIC-insured interest-bearing Checking Account Option. The Checking Account Option is provided through Fifth Third Bank, N.A. Read more at Investment Options.

Twice per calendar year. However, you can change the allocations for any new contributions when the contribution is made. See the Plan Disclosure Booklet for important details.

Yes. The Annual Account Maintenance Fee is $56 for mailing of paper of statements, confirmations, and the Plan Disclosure Booklet, supplements and Account tax forms. The Fee is reduced to $31 if E-Delivery is established. The Account Maintenance Fee is assessed quarterly. See Plan Disclosure Booklet for important details.

Additionally, there are Annual Asset-Based Fees on the six Target Risk Investment Options, ranging from 0.28% to 0.31%, depending on the option.

For the Fifth Third Checking Account Option, there is a monthly service fee of $2.00, which is waived if E-Delivery is established or if the checking Account has an average monthly balance of at least $250. See Plan Disclosure Booklet for important details.

Yes. A rollover from a 529 College Savings Account, such as Bright Start, into an IL ABLE Account can be made for the same beneficiary or for a member of the family of the 529 college savings Account beneficiary. The maximum rollover amount per year is $18,000. See Plan Disclosure Booklet for important details.

Yes. An Account Owner can have an IL ABLE Account and be the beneficiary of a special needs trust. Circumstances and requirements vary. Consult a tax or legal professional for more information.

No. You're may only have one ABLE Account with one program at one time no matter where in the country you live. If you roll an Account over from one ABLE plan to another, you must close the Account from which the funds are withdrawn within 60 days of opening the new Account in order to comply with the one-Account per owner rule. See Plan Disclosure Booklet for important details.

Yes. IL ABLE Account ownership can be transferred during the lifetime of the Account Owner to another Eligible Individual. A transfer to a non-Sibling will be treated as a Non-Qualified Withdrawal and may generate negative consequences. See Plan Disclosure Booklet for important details.

Yes. A Successor Account Owner may be designated during the lifetime of an Account Owner to take ownership of the IL ABLE Account after the death of the original Account Owner. The form must be submitted and processed during the life of the original Account Owner, even though the designation will not take effect until after death. Designation to a non-Sibling will be treated as a Non-Qualified Withdrawal and may generate negative consequences. See Plan Disclosure Booklet for important details.

After the Plan receives notification of the death of the Account Owner the Account will be frozen and a copy of the death certificate must be submitted to the Plan.

1) The Authorized Individual on the Account or the individual with the authority to administer the Account Owner’s estate can request a withdrawal/s to pay outstanding Qualified Disability Expenses and funeral and burial expenses. Requests must be received within 90 days of notification of the Account Owner’s death.

2) Assets from the Account may be distributed after at least 180 days have passed since the date of the Account Owner’s death and:

• Any outstanding Qualified Disability Expenses have been paid, including funeral and burial expenses;
• Any state Medicaid recovery claims that have been filed have been paid.

Finally, if there is a Successor Account Owner named on the Account, the Plan will notify the person or entity with the authority to administer the Account Owner’s estate.

Please see the Plan Disclosure Booklet for more information.

A state Medicaid agency may recover from the estate based on factors such as type of Medicaid benefits received, individual state Medicaid policy, and the Account Owner’s state of residence.

In Illinois, the state Medicaid agency (HFS) recently modified its estate recovery rules for Medicaid recipients who died on or after July 1, 2022. Read the Administrative Code to learn more. For more information about Illinois Medicaid estate recovery claims, visit the Illinois Department of Healthcare and Family Services website at: hfs.illinois.gov/medicalclients/medicaidestaterecovery and talk with a legal professional.

Please see the Plan Disclosure Booklet for more information.

Ugift is a simple way to allow others, such as family and friends, to contribute directly to an IL ABLE Account. Learn more at https://www.ugiftable.com/.