Loveland, Ohio – Wednesday, August 14th is recognized as National ABLE Savings Day, a time to increase awareness about ABLE Account programs and their life-changing benefits. Ohio’s iteration of an ABLE program – STABLE Account – has gained popularity in recent years and seen overall participation grow from fewer than 10,000 accounts in January 2019 to approximately 42,000 active accounts today.
National ABLE Savings Day reminds Ohioans of the many ways STABLE accounts are empowering people to take better control of their financial health and the expanded program and make it more accessible through initiatives like the STABLE Account Enrollment Incentive and the various partnerships with employers to offer the STABLE Account Payroll Direct Deposit option to those in the workforce.
Through the incentive, STABLE Account will match the first $25 that an eligible Ohioan contributes when opening a new account. This matched contribution provides new accountholders with an instantaneous boost toward growing their money and beginning their investment journey.
Just last week, Licking County became the 10th county to partner with the Ohio Treasurer’s office to offer the STABLE Account Payroll Direct Deposit benefit to county employees. In 2019, Treasurer Sprague announced a similar collaboration with the Ohio Department of Administrative Services to provide eligible State of Ohio employees with the opportunity to direct a portion of their paychecks into STABLE accounts. Over the last several years, several public and private sector employers have partnered with the Treasurer’s office to offer the benefit to employees.
STABLE accounts are 529-like specialized savings and investment accounts for people living with disabilities. The accounts allow individuals to save and invest their money without fearing the loss of means-tested benefits like Medicaid or Supplemental Security Income (SSI). Accountholders can save up to $18,000 annually without losing federal assistance, and they can save an additional $14,580 each year if they’re employed. Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology, and more.
Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong financial future. Signing up for a STABLE account takes about 20 minutes and can be done online from home.
For more information about STABLE accounts and to sign up, visit www.stableaccount.com.
What are STABLE Account benefits?
Accountholders can save and invest up to $18,000 a year (and, if employed, up to $14,580 more) for a wide range of qualified expenses. The account’s growth is tax-free and your contributions may qualify for a state income tax deduction.
Best of all, your Supplemental Security Income (SSI) will not be affected as long as the STABLE account balance stays below $100,000. Other federally means-tested benefits are not affected regardless of the amount saved in the account.
You’ll also have access to our network of established partners in the disability community for more support in reaching your financial goals.
How does it work?
The account can be managed online, so it’s easy to access, contribute, or withdraw money; even friends and relatives can add to the account.
It’s never been easier to save and invest for your future.
Make easy online deposits
Contribute up to $18,000 per year. If employed, you may be able to contribute up to an additional $14,580 of income.
Enjoy diverse investment choices
Choose from among five different investment options, including four mutual fund-based investments and one FDIC-insured savings option.
Take advantage of flexible change options
You have the freedom to change your investment options twice every calendar year.
What are qualified expenses?
Money in your account can be used for everyday needs, as well as unexpected events. Qualified expenses are geared toward improving health, independence, and quality of life, and include:
- Living expenses
- Education
- Housing
- Transportation
- Employment training and support
- Assistive technology
- Personal support services