STABLE Account Program Exceeds 20,000 Total Accounts
Program participation more than doubles in less than two years
VIDEO: Treasurer Sprague highlights the successes of the STABLE Account program in 2020
COLUMBUS – Ohio Treasurer Robert Sprague today announced that the STABLE Account program has now exceeded 20,000 total active accounts.
“Today’s announcement is about much more than reaching a milestone,” said Treasurer Sprague. “It represents the profound impact STABLE accounts are making in bringing independence and peace of mind to individuals and families. Despite the many challenges brought on by COVID-19, the STABLE Account program has proven to be a trusted and reliable resource for those living with disabilities to achieve financial empowerment.”
The Treasurer’s office has a robust outreach strategy that includes meeting directly with people with disabilities and their families, as well as support staff and advocates. However, due to COVID-19, the STABLE team shifted to a primarily virtual strategy in 2020. Despite this change, the program had a banner year, which included record days, weeks, and months for new enrollments. Additionally, Treasurer Sprague has more than doubled the size of the program since January 2019.
“The Arc of Ohio applauds Treasurer Sprague for hitting the 20,000-account milestone and continuing to advocate for Ohio’s families,” said Arc of Ohio CEO Gary Tonks. “Since day one, his administration has worked ardently to broaden the reach of the STABLE Account program, and these accounts are providing a new level of independence and financial security to Ohioans living with disabilities.”
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 $15,000 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 now more easily able to join the workforce and save what they earn.
For more information, or to sign up for a STABLE account, visit www.stableaccount.com.
STABLE by the Numbers (as of December 14, 2020):
- Total active accounts – 20,111
- Active Ohio accounts – 8,037
- Active non-Ohio accounts – 12,074
- Average account balance – $7,361.53
- Total contributions to accounts – $181,688,832.91
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.