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Legislation Introduced to Improve Ohio Treasurer’s STABLE Account Program

State Senators Brenner and Roegner to lead legislative effort

COLUMBUS – Recently introduced legislation would make changes to the STABLE Account program, which enables individuals living with disabilities to save and invest their money without losing eligibility for means-tested benefits. State Senators Andrew Brenner (R –Delaware) and Kristina Roegner (R-Hudson) will serve as the primary sponsors of the legislative effort.

STABLE accounts are specialized savings and investment accounts for people living with disabilities. Accountholders can save up to $19,000 annually without losing federal assistance, and they can save an additional $15,060 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.

“With the changes included in Senate Bill 128, we can ensure that Ohioans are able to take advantage of the benefits of STABLE Account and achieve greater financial independence and security,” said Treasurer Sprague. “We hope more people living with disabilities and their families will explore the program once these changes are made to eliminate fees and protect information and assets.”

Senate Bill 128 includes the following changes:

  • Requires the Treasurer of State to pay account fees on behalf of all Ohio accountholders. This change would not subsidize investment or asset-based fees.
  • In most cases, money in a STABLE account will not be subject to claims made under the Medicaid estate recovery program. This will provide accountholders peace of mind, by ensuring that their money will remain with their estate or beneficiaries upon the event of their death, rather than the funds being subject to be taken by the state.
  • Ensures that personal information including account asset details and disability status will not be subject to public record, protecting accountholders and their personal information.

“I am proud to be a sponsor on this important legislation,” said State Senator Andrew Brenner. “Ensuring these individuals can provide for their basic needs and save for the future without fear should be a priority for the state.”

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLE Act, individuals with disabilities could only save $2,000 before losing means-tested benefits, such as Medicaid or Supplemental Security Income (SSI). Additionally, asset limits hindered opportunities to join the workforce. These regulations made it difficult for many people to work, save, and invest, creating barriers to financial independence.

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.

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