The ABLE National Resource Center (ABLE NRC), managed by National Disability Institute (NDI), is excited to congratulate the state of Mississippi on being the most recent state to launch an ABLE program on June 2, 2019. Named “Mississippi ABLE,” this newest state ABLE program is a member of the National ABLE Alliance. Mississippi will be administered by the Mississippi Department of Rehabilitation Services and managed by Ascensus College Savings Recordkeeping Services, LLC. Mississippi ABLE Accounts will offer enrollment to all ABLE-eligible individuals regardless of residency.
The Mississippi ABLE program will allow qualified individuals with disabilities to save up to $15,000 a year in an ABLE account without jeopardizing their eligibility for federally-funded, means-tested benefits such as Supplemental Security Income (SSI) and Medicaid. The funds in these accounts can be used for disability-related expenses that assist the beneficiary in increasing and/or maintaining his or her health, independence or quality of life.
The Mississippi ABLE program has an initial contribution fee of $50 within the first 60 days of opening the account, and each account is charged a monthly account maintenance fee of $3.75. This monthly fee may decrease as enrollment in the program increases. Fees associated with investment options range from 0.34% – 0.38%. There is a debit card/purchasing card available with the Mississippi ABLE program, and there are no fees associated with the debit card.
For more information on the Mississippi ABLE program and how to enroll, please visit: https://www.mdrs.ms.gov/Pages/able-act.aspx.
To see how the Mississippi ABLE program compares to other programs, we encourage you to check out our ABLE program comparison tool, found at the following link: http://www.ablenrc.org/state_compare/