ABLE Maine

The ABLE ME Program is established and maintained by the Maine State Treasurer in accordance with Applicable Law and administered by Bangor Savings Bank. The ABLE ME Program (also referred to as “ABLE ME”) is designed to help eligible individuals with disabilities save for certain qualified disability expenses on a tax-advantaged basis without jeopardizing eligibility for federal means-tested benefits, such as Supplemental Security Income and Medicaid. The ABLE ME Program is intended to operate as a qualified ABLE program, pursuant to Internal Revenue Code Section 529A, that was adopted as part of The Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014, as amended. This federal law authorizes states and state instrumentalities, such as the Maine State Treasurer, to establish and maintain qualified ABLE programs.

Program Name: ABLE ME

Status: Open for Enrollment

State Program Manager: Maine State Treasurer

State Account Limit: $500,000

Accepts Out Of State Residents: No

Annual Contribution Limit (Annual Deposit Limit): $17,000 currently (This limit is a Federal limit that applies to all 529(A) Programs and is subject to change. It does not include additional ABLE to Work contributions.)

ABLE To Work Act Contribution (Additional Deposit Limit): A Beneficiary who is employed and who is not contributing to a defined contribution plan, an annuity contract, or an eligible deferred compensation plan as described in applicable law may contribute additional money to their Account. The additional amount that may be contributed is an amount equal to the Account Beneficiary’s compensation for the year or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is less: up to $13,590 for 2023.

Program Banking Institution: Bangor Savings Bank

Number of Investment Options: Not Applicable, the only deposit instrument is a transactional checking account.

Program Investment Institution(s): Not Applicable

Debit Card or Prepaid Card: Yes

Withdrawal Hold Rules: Ability to withdraw funds that have been deposited into a Maine ABLE Benefit CheckingSM Account are determined by the Funds Availability Disclosure section of the Important Information About Your Account Booklet (PDF).

Medicaid Estate Recovery Status: The State of Maine, or any agency or instrumentality of the State, may not seek payment under the federal Internal Revenue Code, 26 United States Code, Section 529A from an account, or its proceeds, that is established under a qualified ABLE program for MaineCare benefits provided to a designated beneficiary, unless otherwise required by 14 the United States Social Security Act, 42 United States Code, Section 1396p(b).

State Income Tax Deduction: No.

FDIC Insured: Yes. The standard maximum deposit insurance amount is currently $250,000 per individual depositor, per insured bank, for each account ownership category.

ABLE Legislation: LD 1881 & LD 1637

Account Disclosure Document(s): Please See ABLE ME Informational Booklet (PDF)

Additional Information:

Self-attestation enrollment process. Recently modified IRS regulations regarding how the distribution of ABLE earnings must be handled aligns with the operating processes and systems of investment houses, not banks. As a result the ABLE ME Program cannot include earnings, and instead focuses on benefits such as protection of principal, easy access, and service charge free checking. ABLE ME focuses on a specific advantage of the ABLE act: being able to accumulate resources beyond means-tested benefit limits without jeopardizing eligibility for necessary public benefits. Unlike other Programs, ABLE ME:

  • Does not offer market-driven investment options
  • Is non-interest bearing
  • Can only accept rollovers without earnings from another State's 529A Qualified ABLE Program or 529 Qualified Tuition Program

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?
  • Is there an annual set fee to maintain the account? If so, how much?
  • Are there fees or restrictions to the number of disbursements you are allowed? If so, what are they?
  • Is there a “debit card/purchasing card” available with the program? If so, what is the added cost?
    Yes. $0
  • Can I roll over my ABLE account to another ABLE program? If so, what is the fee to do so?
    Yes. $0.
  • Fee Range

Please See Common Fee Schedule (PDF)

Maine ABLE Benefit CheckingSM accounts are not guaranteed or insured by any state, any state agency or subdivision thereof, or their authorized agents or affiliates. Before opening an account, you should carefully read and understand the ABLE ME Informational Booklet. Maine ABLE Benefit CheckingSM is offered through a partnership with the State of Maine Office of the State Treasurer, owner of the ABLE ME Program.