Saving and Investing in the Future
through STABLE Account
By Ohio Treasurer Robert Sprague
March is National Developmental Disabilities Awareness Month, a time to discuss the issues important to those living with developmental disabilities. Each year, the occasion takes on special meaning in our office, providing an opportunity to highlight the STABLE Account program and the many ways these innovative accounts are changing lives and creating new opportunities for individuals with disabilities.
A STABLE account is a specialized savings and investment account that allows a person living with a disability to save up to $17,000 each year without jeopardizing benefits like Medicaid and SSI. If an individual is employed, they can save an additional $13,590 annually. Earnings on a STABLE account grow tax-free, as long as the funds are spent on Qualified Disability Expenses like education, housing, transportation, healthcare, assistive technology, basic living expenses, and more.
Prior to STABLE accounts, people living with disabilities could only save up to $2,000 before losing access to important means-tested benefits. As a result, many were discouraged from entering the workforce and saving and investing for the future.
But that’s no longer the case, as STABLE accounts are empowering individuals and providing them with new opportunities to enter the workforce and take better control of their financial future....
