Oklahoma
Program Name:
Oklahoma STABLE (click to open an account) Phone 1-800-439-1653 from 8am-7pm CT
Status: Open for Enrollment
ABLE Plan Flyer: https://okstable.org/uploads/stable-partner/attachments/clk9qykkmomt30jrc410c5t0l-oklahoma-stable-eng.pdf
State Program Manager: Vestwell State Savings
State Account Limit: $555,000
Accepts Out Of State Residents: No
Rep. Payee Multiple Access:
Yes. If the representative payee is an individual, they set up the account with themselves as the Authorized Legal Representative. If the representative payee is an entity, the account is set up with the entity as the administrator, with an agent designated to act on behalf of the entity.
Annual Contribution Limit: $19,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to their ABLE Account. The additional amount that may be deposited is an amount equal to the Account Owner’s employment income or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less. This is up to $15,060 for residents of Oklahoma.
Program Banking Institution: Bank of New York Mellon
Number Investment Options: 5
Program Investment Institution(s): Vanguard
Debit Prepaid Card Feature: Yes, The STABLE Visa Card can be loaded from your STABLE account and used anywhere Visa debit cards are accepted. Easily track expenses by uploading receipts, adding notes, or downloading custom reports. Spending limits and locations can be set up to help safeguard spending. Custom text or email alerts can notify you of card activity.
Withdrawal Hold Rules: Yes.
1. Contributions received from a Beneficiary or ALR will be subject to a five (5) Business Day holding period before the funds are available for withdrawal. 2. Contributions made as a result of a gift from a third party will be subject to a ten (10) Business Day holding period before the funds are available for withdrawal. 3. A change in mailing address will result in a ten (10) Business Day holding period before physical checks can be requested and mailed to the new address of record. 4. A change in bank account will result in a ten (10) Business Day holding period before Electronic Fund Transfers can be requested and sent to the new linked bank account.
Medicaid Estate Recovery Status: In the event of the death of a beneficiary, the funds from a STABLE account can be used by his or her estate to repay any outstanding qualified expenses, funeral, and burial costs. If the beneficiary was receiving Medicaid benefits, Medicaid can file a claim for a payback upon the beneficiary’s death and any premiums paid as part of the Medicaid Buy-In Program can be deducted from the remaining balance. The Medicaid recovery is calculated from the date the beneficiary opened the STABLE account.
State Income Tax Deduction: Yes. Contributions are deductible up to $10,000 (single filers) or $20,000 (joint filers) annually. Investment earnings grow tax-free when used for qualified disability expenses.
FDIC Insured: Yes. The Fifth Third Bank, NA BankSafe account is FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:
Oklahoma HB 2821 establishes the rules for Oklahoma STABLE
Account Disclosure Document(s):
Please See Plan Disclosure Link
Do you have a policy for opening an account for an account owner who does not have a guardian or conservator for managing spending and investments from the ABLE account?
Yes. During the account opening process (online or paper application), the relationship is established based on the response to the hierarchy question included in the application.
Does your plan allow for proper account titling for a representative payee? If the representative payee is an individual, they set up the account with themselves as the Authorized Legal Representative. If the representative payee is an entity, the account is set up with the entity as the administrator with an agent to act on behalf of the entity.
Does your plan allow for naming any beneficiary on the account?
Yes. A successor beneficiary may be named within the account. Upon the death of the ABLE account owner, outstanding qualified disability expenses may be paid. Then, Medicaid recovery rules apply. If there are remaining funds, they will be paid to the successor beneficiary named on the account.
What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available?
Upon notification of the death of the account owner, our staff requests a copy of the death certificate. Once received, we inquire if there are outstanding qualified disability or funeral and burial expenses to be paid. If so, payment is made to cover those expenses. If there are funds left above those final expenses, the state Medicaid recovery office is notified of the death and opportunity to recover. If there are funds left after Medicaid recovery or due to no recovery request, a check is made payable to the estate of the account owner.
Program at a Glance
-
Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?
Yes. $25. -
Is there a required minimum contribution to your account? If so, what is the amount?
Yes. $1. -
Is there an annual set fee to maintain the account? If so, how much?
Yes. The current account maintenance fee is $27 per year payable at $6.75 per quarter. -
Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
No. -
Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
Yes. $0. The STABLE Visa Card can be loaded from your STABLE account and used anywhere Visa debit cards are accepted. Easily track expenses by uploading receipts, adding notes, or downloading custom reports. Spending limits and locations can be set up to help safeguard spending. Custom text or email alerts can notify you of card activity. -
Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
Yes. $0. - Fee Range
-
Annual Maintenance Fee:
The current account maintenance fee is $27 per year payable at $6.75 per quarter. -
Check Fee:
$0 -
Debit Card Fee:
$0 -
Investment Option Fee Range:
-
Statement Fee:
$10 annually (print/mail); $0 electronic -
ABLE Account Transfer Fee:
There is no fee for rolling over an account, however, based on when the account is terminated, the account owner may be assessed a portion of the maintenance fee. -
Withdrawal Transaction Fee:
$0
-
Annual Maintenance Fee:
-
Are there other characteristics unique to your program?
The Oklahoma STABLE Account is partnered with the Office of the Ohio State Treasurer, a nationally recognized ABLE plan, to provide residents of Oklahoma with access to a simple and flexible savings program. Oklahoma HB 2821 established the rules for Oklahoma STABLE, which officially launched on May 31, 2018.
The program is managed in partnership with Vestwell, offering an intuitive platform that helps individuals with disabilities manage their accounts and work toward financial security. OK ABLE accounts allow funds to be used for everyday needs as well as unexpected expenses. Most expenses are considered qualified disability expenses, which are geared toward improving health, independence, and quality of life. Learn More: Benefits – Oklahoma STABLE
Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? Yes, the STABLE Visa Cards offer different levels of spending controls for the STABLE account owner and/or authorized legal representative. Learn More: ALR Info – Oklahoma STABLE
What if I buy something that doesn’t qualify? If funds are used for non-qualified expenses, the investment growth portion of the withdrawal will be subject to income tax and a 10% penalty on earnings. Additionally, non-qualified withdrawals may count as income for the month, potentially affecting eligibility for Supplemental Security Income (SSI) benefits or Medicaid.
Gifting Page OK ABLE also offers a Gifting Page, a unique feature that allows family and friends to contribute directly to an account online. Whether for a birthday, holiday, or just to help a loved one save, a gifting page provides an easy and secure way to grow an ABLE account.
Can I transfer an existing ABLE account into a new STABLE account through Oklahoma STABLE? Yes, you can use the ABLE-to-ABLE Rollover Form to get started. Keep in mind that you can only make one rollover every 12 months. A STABLE account can also be rolled over to an eligible member of the family if the rollover happens before the death of the original beneficiary who opened the account.
Can I close and transfer my STABLE account through Oklahoma STABLE to a different ABLE program?
Yes, but you can make only one rollover every 12 months. Use the STABLE Account rollover forms to start the process. If the plan is terminated, the balance of each STABLE account will be paid to the beneficiary to the extent possible, and any unclaimed assets will be handled according to applicable law. Additionally, if an account has a zero balance for 12 months or more, it may be closed.