ABLE Act

The Achieving a Better Life Experience (ABLE) Act of 2014 allows for the creation of tax-exempt savings accounts to fund disability-related expenses (e.g., education, housing, transportation, employment support, health, assistive technology, and personal support services).  ABLE accounts do not disqualify its holder from certain aid programs such as Medicaid or Supplemental Security Income (SSI).

Two categories of persons are eligible to open ABLE accounts:  Children who meet the SSI/SSDI program’s disability standard for children; and adults who meet the SSI/SSDI disability standard for adults, provided that their disability occurred before the age of 26.

Contributions to an individual’s ABLE account can be made by anyone, but only up to $14,000 annually.  In Nevada, the cap for ABLE accounts is $100,000 before any benefit is jeopardized.  The absolute account limit is $370,000.

Nevada’s ABLE Act Program at a Glance

Status: Open for Enrollment
Program Name: ABLE Nevada
Program Manager: Ascensus
Program Investment Institution: BlackRock, Schwab, and Vanguard
Program Website: ABLE Nevada

Total Annual Contribution Limit: $14,000
Account Limit:
$370,000
State Tax Deduction: No

  • What is the total annual contribution limit? $14,000
  • Does this program offer enrollment to out of state residents? Yes.
  • Is there a state income tax deduction or credit for contributions made into accounts opened in this state by state resident? If so, how much? No.
  • Who is the program administrator?
    The Office of the Nevada State Treasurer and the Nevada Department of Health and Human Services
  • Is there an initial minimum contribution requirement to open an ABLE account? If so, how much?    Yes, $25.
  • Is there an annual set fee to maintain the account? If so, how much?
    The current account maintenance fee is $15 per quarter, including delivery of paper statements. Without delivery of paper statements, the quarterly fee is $11.25 per quarter
  • Is there a required minimum contribution to your account? If so, what is the amount? No.
  • Are there fees or restrictions to the number of disbursement you are allowed? If so, what are they?   No.
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?   No.
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?   No.
  • Who is the investment manager?
    BlackRock, Schwab, Vanguard, and for high-yield savings Sallie Mae.
  • How many investment options are associated with the program?
    There are six investment options available.
  • Do those investment options vary in risk?  Yes.
  • Is there a fee associated with the investment choices? If so, how much?
    Depending on the investment choices, the total fees range from 0.34% to 0.38%

Helpful Links:

For an overview of the ABLE Act in Nevada, visit   http://www.nevadaddcouncil.org/2015/06/17/able-act-in-nevada/

For more information regarding ABLE Nevada, contact Aging and Disability Services at (888) 609-8916 or visit https://nv.savewithable.com to obtain Plan Disclosure Documents, which include investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

For more information on the Nevada ABLE Plan program and to enroll, visit https://savewithable.com/nv/home.html

For wide-ranging information on ABLE accounts and programs throughout the country, visit the ABLE National Resource Center (ANRC) http://www.ablenrc.org

For information on: “ABLE Accounts:  10 Things You Should Know,” visit ANRC at http://www.ablenrc.org/about/what-are-able-accounts

For information summarizing Nevada’s ABLE Act Program, visit ANRC at     http://www.ablenrc.org/state-review/nevada