On Tuesday, November 10, Sertoma Star Services Chief Financial Officer Danielle Kane joined Illinois State Treasurer Michael Frerichs as a featured speaker during a press conference announcing lower fees and improvements to the Able UP savings program, formerly known as Illinois ABLE.
“This is about more than saving for necessities; it’s about being able to participate in life,” Kane shared during her remarks, emphasizing the importance of financial opportunities for people with disabilities.
Illinois Treasurer Michael Frerichs Announces Lower Fees for Able UP Accounts, Formerly Illinois ABLE
Read the Official Press Release
About Able UP
Able UP is a savings and investment program that helps eligible individuals with disabilities and qualifying medical conditions save for disability-related expenses while protecting access to important benefits.
Administered by the Illinois State Treasurer’s Office, the program is available nationwide, and Illinois residency is not required to open an account.
For individuals receiving Supplemental Security Income (SSI) and Medicaid, ABLE accounts offer an opportunity to build savings for qualified expenses without generally jeopardizing eligibility for these essential benefits.
Historically, individuals receiving means-tested benefits faced strict limits on how much they could save. Able UP helps remove these financial barriers, allowing eligible individuals to save and invest for housing, transportation, assistive technology, health care, education, job training, and other expenses that support independence and quality of life.
What’s New with Able UP?
The improved Able UP program introduces several enhancements designed to make saving easier, more affordable, and more accessible.
- Lower Annual Fees: Account maintenance fees will decrease by 38% to 52%, depending on how account owners choose to receive account information.
- Simplified Account Management for Organizations: Organizations managing multiple Able UP accounts can now access them through one convenient dashboard rather than separate logins.
- Updated Investment Options: Seven investment options are available, including six with familiar names and similar risk levels, plus a new FDIC-insured savings option.
- New Mobile App: The Vestwell mobile app allows account owners to check balances, make contributions and withdrawals, and manage their accounts from a phone or tablet.
- Improved Online Tools and Support: An enhanced online portal offers chat assistance, multilingual phone support, direct deposit options for Social Security benefits, and free bill payment services.
- Prepaid Card Option: Account owners can request a reloadable True Link Visa® Prepaid Card™ to manage spending, set budget controls, and access funds for qualified expenses.
These improvements help make it easier for people with disabilities and their families to plan for the future, build financial security, and enjoy greater independence.
Learn More About Able UP
For information about Able UP, account eligibility, qualified expenses, or how to open an account, visit ableupsavings.com.