Illinois Treasurer Michael Frerichs Announces Lower Fees for Able UP Accounts, Formerly Illinois ABLE

New Able UP portal, mobile app and investment options help eligible people nationwide save for disability-related expenses while protecting benefits

Archived video to be posted here: https://cms.illinois.gov/agency/media/video/videos.html 

CHICAGO, Nov. 10, 2026 /PRNewswire/ -- Illinois State Treasurer Michael Frerichs today announced lower fees, a new mobile app, updated investment options and improved online tools for Able UP accounts, the disability savings program formerly known as Illinois ABLE.

Able UP is an ABLE savings account program for eligible people with disabilities and qualifying medical conditions. Although administered by the Illinois State Treasurer's Office, people nationwide can open an Able UP account; residency in Illinois is not required.

"Every day, I am asked what I can do to help make Illinois more affordable," Frerichs said. "One important place to start is making the programs we already offer cost less and do more. At a time when everything costs more, we are able to make this program cost less while giving people better tools to save, spend and plan for the future."

An Able UP account can help people save for disability-related expenses without sacrificing important support. For people who receive Supplemental Security Income, commonly known as SSI, and Medicaid, an ABLE account can provide a way to build savings for qualified expenses while generally protecting eligibility for those benefits.

"Helping families should not mean they lose the benefits they need," Frerichs said. "Able UP accounts give people with disabilities and their families more freedom to save for housing, transportation, health care, education and everyday needs while protecting access to essential support."

The new Able UP online portal is available today at ableupsavings.com. The changes come as Able UP transitions to Vestwell as its new program manager. Vestwell was selected through a competitive bidding process and will manage day-to-day program operations, including online account access, contribution processing, customer service and investment administration.

Before the ABLE program, people receiving SSI, Medicaid and other benefits based on income and savings often could not build meaningful savings without risking the loss of assistance. Able UP accounts help eligible people save and invest for qualified disability expenses, including housing, transportation, assistive technology, health care, education, job training and other expenses that support health, independence and quality of life.

Bridget Brown, founder of Butterflies for Change, uses funds from her Able UP account to pay for train tickets to work, housing and medical expenses.

"I like my ABLE account because it is my own account," Brown said. "It gives me independence, helps me make decisions about what I want to do, and gives me the money to pay for those choices. The website is easy to use, and the people who run the ABLE program are open to answering questions and very helpful. It is good to know that support is available when I need it."

Danielle Kane, chief financial officer of Sertoma Star Services, said Able UP accounts help people with disabilities build financial independence while keeping access to essential support. Sertoma Star Services serves nearly 2,000 children and adults each year through vocational, educational, therapeutic and residential programs.

"We believe every individual deserves the opportunity to build financial independence, make their own choices and fully participate in life," Kane said. "Able UP is helping make that possible by allowing individuals with disabilities to save for their future while maintaining access to essential benefits."

Lower Fees and New Features for Able UP Accounts

The improved Able UP program includes:

• Lower annual fees: Annual account maintenance fees will decrease by 38% to 52%, depending on how the account owner chooses to receive account information.
• Updated investment options: Six investment options will retain familiar names and similar levels of risk, from aggressive to conservative. A seventh option is a new FDIC-insured savings option.
• New mobile app: Able UP account owners can use the Vestwell mobile app to check account balances, make contributions and withdrawals, and manage their ABLE account from a phone or tablet.
• Improved online tools and support: The new account portal includes online chat, phone support in multiple languages and easier account management. Account owners and authorized legal representatives can set up direct deposit for Social Security Administration benefits and use free bill pay to send checks to third parties.
• Prepaid card option: Account owners can request a reloadable True Link Visa® Prepaid Card™ and load it with money from their Able UP account. Account owners can set spending and budget controls and manage the card through the True Link app.
• One login for organizations: Organizations that manage Able UP accounts for multiple people can view and manage accounts through one dashboard instead of using separate logins.

"ABLE accounts give people with disabilities and their families more freedom to save and plan for the future," said Douglas Magnolia, President of Vestwell Government Savings. "The Able UP transition will make saving easier and help expand access for people throughout Illinois and across the country. We are excited to partner with Treasurer Frerichs and the Illinois State Treasurer's Office to support account owners as they build financial independence."

More People Can Now Open an ABLE Account

Federal law expanded ABLE account eligibility on January 1, 2026. Previously, a person's disability or qualifying medical condition had to begin before age 26. Now, eligible people whose disability or qualifying medical condition began before age 46 can open an ABLE account.

The expansion is expected to make an estimated 250,000 more Illinois residents eligible for an ABLE account. It also expands access nationwide for people with disabilities and qualifying medical conditions, including people with spinal cord injuries, neurological conditions and injuries sustained while serving their country.

What Remains the Same

• Eligible people nationwide can open an Able UP account. The program is not limited to Illinois residents.
• Money in an Able UP account generally does not affect eligibility for SSI or Medicaid benefits.
• Social Security Disability Insurance, or SSDI, is not based on income or savings. An Able UP account may still be a useful way for SSDI recipients to save for qualified disability expenses.
• Illinois taxpayers who contribute to an Able UP account may qualify for a state income tax deduction.
• Able UP account funds can be used for qualified disability expenses that help improve or maintain the account owner's health, independence and quality of life.

To learn more about Able UP, Illinois ABLE, ABLE account eligibility, or how to open an ABLE account, visit ableupsavings.com.

About the Illinois State Treasurer

The Illinois State Treasurer's Office is a powerful economic engine that invests in people to drive prosperity, development and growth throughout the state. As State Treasurer, Michael Frerichs (FRAIR'iks) is the state's Chief Investment and Banking Officer and actively manages approximately $60 billion. The investments help families pay for college and trade school; workers save for a dignified retirement; and local governments process bill payments more efficiently so they can pass along the savings to taxpayers. The office provides financial institutions with money to loan to farmers, small business owners and qualified individuals at below-market rates because better jobs create stronger communities. The office operates the state's largest consumer-protection initiative, the missing money ICash program, which has returned a record-breaking $2.65 billion since Frerichs was elected.

For more news about the State Treasurer's Office, sign up for the office newsletter and follow Treasurer Frerichs on YouTube at @TreasurerMichaelFrerichs, Instagram at IL Treasurer, Threads at @iltreasurer, LinkedIn and Facebook at Invested in You – Treasurer Michael Frerichs.

About Vestwell

Vestwell is a financial technology company that helps Americans save for important life expenses, including retirement, education and health care. Founded in 2016, Vestwell provides workplace savings solutions, including retirement plans, emergency savings accounts, student loan repayment benefits, education savings accounts and disability savings accounts.

Vestwell serves more than 2.75 million active savers and administers more than $57 billion in assets nationwide.

SOURCE Office of the Illinois State Treasurer