Colorado

Program Name: Colorado ABLE (click to open an account) Phone: 1-888-609-3468
Status: Open for Enrollment
ABLE Plan Flyer: https://coable.wpenginepowered.com/wp-content/uploads/2025/01/ABLE-Brochure-2025.pdf
State Program Manager: Ascensus
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Rep. Payee Multiple Access: Yes. Call the ABLE plan to discuss the option to enroll multiple account owners and manage the accounts.
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 the continental U.S.; $18,810 for residents of Alaska and $17,310 for residents of Hawaii.
Program Banking Institution: The checking account option is provided through Fifth Third Bank, NA
Number Investment Options: 6
Program Investment Institution(s): Vanguard
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.   Contributions made by check, recurring contribution, or EFT to the checking account option will be available for withdrawal after six business days. Contributions to the investment options made check, recurring contribution, or EFT will be available for withdrawal after 5 business days. There will be a hold of 10 business days on withdrawal requests when there is a change of address.
Medicaid Estate Recovery Status: Colorado state Medicaid is not permitted to recover from a Colorado ABLE account, unless required by federal law.
State Income Tax Deduction: Yes. Yes, you can deduct your contributions on the Colorado State Taxes if you use the ColoradoABLE account. Other states' ABLE plans are not eligible for the Colorado state deduction.
FDIC Insured: Yes. The Fifth Third Bank, NA checking account is FDIC Insurance up to $250,000, subject to certain restrictions.
ABLE Legislation:

HB 1359

Account Disclosure Document(s):

Please see the Plan Disclosure Documents


Additional Information:

ATM fee: $2.00 for each transaction outside of network.

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 opening procedure, (online or paper application) this relationship is established via the answer to the hierarchy question included.

Does your plan allow for proper account titling for a representative payee? If the rep payee is an individual, they set the account up with themselves as the administrator and the disabled person as the account owner. If the rep payee is an individual, they set the account up with themselves as the administrator and the disabled person as the account owner.  If the rep 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 and the disabled person as the account owner.

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/disabled person, our staff requests a copy of the death certificate.  Once received, we inquire if there are outstanding medical or funeral final expenses.  If so, payment is made to cover those expenses.  If there are funds left above those final expenses, a check is requested payable to the estate of the account owner/disabled person.

Does your plan allow for naming any beneficiary on the account? No, upon death a sibling can be named a successor owner if they are disabled.

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. $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. The annual account maintenance fee is $58, but it is taken out quarterly $14.50. If Electronic Delivery is established, the Annual Account Maintance Fee is reduced to $33, which is $8.25 per quarter.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?
    Yes. Two free withdrawals per month, $1 for each additional withdrawal.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. $2.00 a month checking fee, unless the client is signed up for electronically delivered statements or have a average monthly balance of $250.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $25.
  • Fee Range
    • Annual Maintenance Fee:
      The quarterly account maintenance fee of $15.00 for paper statement delivery ($60 annually) is reduced to $11.25 quarterly ($45 annually) for accounts that receive electronic statements.
    • Check Fee:
      $2 monthly Charge. The fee is waived if your account has an average daily balance of $250 or if you sign up for electronic delivery of statements.
    • Debit Card Fee:
      $2 monthly Charge. The fee is waived if your account has an average daily balance of $250 or you signed up for electronic statements.
    • Investment Option Fee Range:

      https://coableonline.com/coabletpl/fund/pricePerformance.cs

    • 529 College Rollover Fee:
      $25
    • Statement Fee:
      The paper delivery of statements is $6.25 per quarter, it can be waiver with electronic delivery of statements.
    • ABLE Account Transfer Fee:
      $25
    • Withdrawal Transaction Fee:
      $2 monthly fee is associated with utilizing the debit card option. However, the fee can be waived with an average daily balance over $250.
  • Are there other characteristics unique to your program?

    Colorado account owners benefit from powerful oversight, high-quality plan features and low-cost, strong-performing investments.  Account owners have access to an exclusive, fully integrated Fifth Third, FDIC-insured checking account option, which is available with a real-time debit card and check-writing capability.  The ColoradoABLE plan is available to both in-state and out-of-state residents, and Illinois taxpayers who contribute to ColoradoABLE accounts can take a deduction from state income taxes.  Anyone can contribute to a ColoradoABLE account, and the easy-to-use Ugift feature makes gift contributions easy.

    Does your plan allow for different Levels of Control for who manages spending and investments from the ABLE account? Yes, the ABLE plan may allow for different levels of account access for the owner and Authorized Legal Represenative through the debit card option.

    Description of plan’s Recertification of ABLE Eligibility Policy: On the opening date anniversary each year, the account administrator is asked by our system to recertify the ABLE account:  We do not accept deposits or issue disbursements on the account until the recertification is complete.  We also offer a paper form to be completed for those without internet access or the inability to use the system.

Colorado ABLE (click to open an account) Phone: 1-888-609-3468