The IL ABLE program is now called Able UP
If you had an IL ABLE account, it is now an Able UP account. Accounts in Able UP help people with disabilities and qualifying medical conditions live a life of Unlimited Possibilities and Unlimited Potential: now you can Able UP for today, tomorrow, and your future.
Able UP offers more than a new name and a new website for the Illinois ABLE program. Able UP gives you:
- Lower fees: The annual maintenance fee is now $15 for electronic delivery, down from $31. Paper delivery is now $35, down from $56.
- FDIC-insured Savings Option: Choose a low-risk option that earns interest.
- Free True Link Visa® Prepaid Card™: Account Owners/Beneficiaries with legal capacity and Authorized Legal Representatives (ALRs) can order a card. An ALR can also order a card in the Account Owner/Beneficiary’s name and load funds onto it. This gives the Account Owner/Beneficiary more independence when spending their money.
- More ways to manage your account: Use the new Able UP online portal to set up payroll or SSI direct deposit, request a paper check, and schedule recurring transactions.
- Manage your account on the go: Account Owners/Beneficiaries and ALRs can use the Vestwell mobile app. Card users can also manage their True Link Visa® Prepaid Card™ in the True Link app.
- Vestwell App Download for IOS/Download for Android.
- True Link App Download for IOS/Download for Android
Some things will stay the same.
Able UP accounts continue to offer tax advantages. Earnings grow tax-deferred, and withdrawals for eligible expenses are tax-free.
In addition, Illinois taxpayers who contribute to an Able UP account may qualify for a state income tax deduction. The deduction is up to $10,000 for individual filers or $20,000 for joint filers.
Able UP can also help Account Owners/Beneficiaries save while receiving federal benefits, including Supplemental Security Income (SSI) and Medicaid. For SSI recipients, up to $100,000 in an Able UP account is excluded from the Social Security Administration’s resource limit.
With these benefits, we’re excited to keep helping eligible people with disabilities or qualifying medical conditions build a stronger financial future.
Resources from this article
- Take a look around ableupsavings.com!
- Read the program disclosure statement for full program details.
