#United States #Chicago #Illinois #Michael Frerichs #Able UP

Illinois Treasurer Michael Frerichs Unveils Enhanced Able UP Accounts

In a significant move to enhance financial support for individuals with disabilities, Illinois State Treasurer Michael Frerichs announced today a series of improvements to the Able UP accounts, formerly known as Illinois ABLE. With a new mobile application, reduced fees, and updated investment options, this initiative aims to provide individuals with disabilities the resources they need to save for essential expenses without jeopardizing their access to critical support programs.

What is Able UP?

Able UP is a disability savings account program designed for individuals with disabilities and qualifying medical conditions. While the program is administered by the Illinois State Treasurer's Office, it is available to eligible individuals across the United States, meaning residency in Illinois is not a requirement to open an Able UP account. This inclusivity is a crucial aspect, as it allows individuals nationwide to access financial tools that work for them.

During the announcement, Frerichs emphasized the importance of affordable programs, stating, "Every day, I am asked what I can do to help make Illinois more affordable. One important place to start is making the programs we already offer cost less and do more." The enhancements to the Able UP program are a step towards achieving this goal, providing families with better tools and resources.

Features of the Updated Able UP Accounts

The enhancements to the Able UP accounts include:

• - Lower Annual Fees: Annual account maintenance fees have decreased significantly, with reductions ranging from 38% to 52%, depending on the chosen method for receiving account information.
• - Updated Investment Options: Clients can now choose from six investment options that maintain familiar risk levels—from aggressive to conservative—with the addition of a new FDIC-insured savings option for added security.
• - New Mobile App: A user-friendly mobile app is now available, allowing account owners to check balances, make contributions, and manage their funds directly from their devices.
• - Improved Online Tools and Support: The new account portal features enhanced support options such as online chat, phone assistance in multiple languages, and easier account management tools.
• - Prepaid Card Option: Users can request a reloadable True Link Visa® Prepaid Card™, enabling them to manage their spending while maintaining budget controls.
• - One Dashboard for Organizations: Organizations managing multiple Able UP accounts can now do so through a single dashboard, streamlining account management processes.

The Impact of Able UP

The Able UP accounts are a vital resource for individuals with disabilities, allowing them to save for expenses such as housing, healthcare, and education without risking their eligibility for necessary support programs like Supplemental Security Income (SSI) and Medicaid. As Brigitte Brown, the founder of Butterflies for Change, stated, “I like my ABLE account because it is my own account. It gives me independence, helps me make decisions about what I want to do, and gives me the money to pay for those choices.” This sentiment is echoed by many users who appreciate the autonomy provided by the program.

Danielle Kane, the Chief Financial Officer at Sertoma Star Services, shared her perspective on how the Able UP accounts promote financial independence. “We believe every individual deserves the opportunity to build financial independence, make their own choices and fully participate in life... Able UP is helping make that possible.”

Expansion of Eligibility

Another critical aspect of this announcement is the expansion of eligibility for the Able UP program. Federal law changes effective January 1, 2026, now allow individuals with disabilities or qualifying medical conditions beginning before age 46 to open an account. This change could make approximately 250,000 more Illinois residents eligible, thus expanding access nationwide for people with disabilities, including those with spinal cord injuries and neurological conditions.

Summary

The enhancements to the Able UP accounts represent a substantial leap forward in supporting individuals with disabilities. By lowering fees, introducing a new mobile app, and expanding access for account holders, Illinois State Treasurer Michael Frerichs has set the stage for improved financial independence and empowerment for countless individuals across the nation. For more information on Able UP accounts, visit ableupsavings.com.