Washington

Program Name: Washington State ABLE (click to open an account) Phone number: 1-844-600-2253
Status: Open for Enrollment
ABLE Plan Flyer: https://www.washingtonstateable.com/assets/docs/able-brochure-en.pdf
State Program Manager: Vestwell
State Account Limit: $500,000
Accepts Out Of State Residents: Yes
Rep. Payee Multiple Access: Yes. Rep Payees and Organizations can serve as Authorized Representative for all of the individuals they support. For more information or to register visit: https://www.washingtonstateable.com/alr-info/org-alr/registration
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: Bank of New York Mellon
Number Investment Options: 4
Program Investment Institution(s): Vanguard and DFA
Debit Prepaid Card Feature: Yes
Withdrawal Hold Rules: Yes.   5 day hold on account owner or Authorized Legal Representative contributions, 10 day hold on third party contributions
Medicaid Estate Recovery Status: Yes, against the estate not the plan.
State Income Tax Deduction: No. WA has no state income tax therefore no deductions nor credits.
FDIC Insured: Yes. BNY Mellon FDIC Insured account up to $250,000.
ABLE Legislation:

Washington House Bill 2323 from 2016 session

Senate Bill 6221 from 2018 session

Account Disclosure Document(s):

Please see Plan Disclosure Document


Additional Information:

Please note: non-Washington residents may open an ABLE account with ABLE for All.

Does your plan allow for proper account titling for a representative payee? Our ABLE plan allows for representative payees to properly manage the account as Authorized Legal Representative. We have supports for ALR https://www.washingtonstateable.com/alr-info

What is your plan’s policy regarding payment of funeral / burial expenses as a qualified disability expense (QDE) prior to account freeze, if available? Our ABLE plan allows for the payment of funeral and burial expenses as a qualified disability expense (QDE) prior to the remaining assets being subject to a Medicaid recapture claim or transferred to the estate of the beneficiary.

 

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. $10.
  • Is there an annual set fee to maintain the account? If so, how much?
    Yes. $35 per year.
  • 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. $1.25 per month
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range
  • Are there other characteristics unique to your program?

    We offer a Mobile App to allow you to manage your account on the go. We also offer E-gifting option to set up and run gifting campaigns for the beneficiary.

    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 and through Organizatinal Authorized Legal Representatives.

    Does your plan allow for proper account titling for a representative payee?
    • (Beneficiary’s name) by (your name), representative payee.
    • (Your name), representative payee for (beneficiary’s name).

    ABLE accounts allow for both the beneficiary’s and the Authorized Legal Representative’s (including Representative Payee) name.

    Does your plan allow for naming any beneficiary on the account? Yes, we allow for Successor Owners of the account for siblings with disabilities of the account owner. We are also establishing a process to name beneficiaries that do not qualify as Successor Owners on the account.

    The account owner or Authorized Representative is asked to notify the program if their eligibility changes.

     

Washington State ABLE (click to open an account) Phone number: 1-844-600-2253