Ohio Treasurer Robert Sprague, of Findlay, joined the Hancock County Commissioners in announcing a new partnership between the two offices.
It’s now easier for county employees and their families to utilize a STABLE Account, which is a specialized savings and investment account for people living with disabilities that allows them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income (SSI).
Ohio’s STABLE Account program was launched in 2016 following the passage of the federal Achieving a Better Life Experience (ABLE) Act.
STABLE accounts are 529-like specialized savings and investment accounts for people with disabilities.
Previously, people with disabilities could only save $2,000 before losing means-tested benefits such as Medicaid or Supplemental Security Income (SSI).
Disability-related expenses can pose a financial burden to many people and their families, and the old rules discouraged saving and investing. In addition, asset limits made joining the workforce more difficult, pushing them further into the financial margins.
Accountholders can save up to $16,000 each year without jeopardizing federal assistance programs.
Earnings on STABLE accounts grow tax-free, as long as funds are spent on qualified expenses, such as housing, transportation, healthcare, assistive technology, living expenses, and many others.
Through the STABLE Account program, people with disabilities are more easily able to join the workforce and save what they earn.
October is National Disability Employment Awareness Month.