STABLE Program Reaches $100 Million in Contributions
As of this week, the STABLE account program exceeded $100 million in total contributions made since it launched in 2016, according to an announcement from Ohio Treasurer Robert Sprague.
“This $100 million mark signifies so much more than a dollar amount,” said Treasurer Sprague. “For our STABLE account holders, this means peace of mind. With the STABLE program, people with disabilities are now more easily able to join the workforce and save what they earn. They’re able to plan for their futures and live more independently. That kind of security is more than worth its weight in gold.”
Ohio’s STABLE program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. A STABLE account is a specialized savings and investment account for people 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).
Prior to STABLE accounts, people with disabilities could only save a total of $2,000 before losing their benefits. Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on Qualified Disability Expenses. Qualified Disability Expenses include education, housing, transportation, healthcare, assistive technology, basic living expenses, and other items.
STABLE by the Numbers:
Total active accounts – 13,438
Active Ohio accounts – 5,669
Active non-Ohio accounts – 7,769
Average account balance – $5,931.21
Total contributions to accounts - $100,339,546.26
Total amount currently under Ohio Treasurer management (total contributions minus the amount spent by account holders on qualifying expenses) – $79,703,612.41
For more information about STABLE accounts and to sign up, visit www.stableaccount.com.