Treasurer Sprague, Ohio DAS Announce New STABLE Collaboration
Ohio Treasurer Robert Sprague and Department of Administrative Services (DAS) Director Matthew Damschroder today announced a new collaboration that will make it easier for State of Ohio employees and their families to take advantage of STABLE accounts. Beginning immediately, qualified State of Ohio employees can now visit www.myOhio.gov to set up recurring direct-deposits from their paychecks into STABLE accounts.
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).
“Today starts a renewed effort to talk with more Ohioans about this great program and get more people enrolled,” said Treasurer Sprague. “STABLE accounts empower individuals while helping to alleviate some of the financial stressors endured by our hard-working families. This collaboration with DAS will lead to even more Ohioans taking advantage of the many benefits STABLE has to offer.”
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.
“Gov. Mike DeWine has made it a priority to establish Ohio as a disability-inclusion state and model employer of individuals with disabilities,” said Director Damschroder. “STABLE accounts empower people to fully participate in their community and not fear for their future.”
In addition to the new collaboration with the Department of Administrative Services, Treasurer Sprague also announced the STABLE program recently crossed the 10,000 mark for total accounts opened. Not only has Ohio STABLE become the premier ABLE program in the United States, but it also accounts for approximately one-third of all active ABLE-related accounts across the country.
“I’m proud to see the Buckeye State be number one in something that is making a difference in people’s lives,” Treasurer Sprague said. “The fact that our program is a national leader is a testament to the hard work of my staff, our partner states, and most importantly, the advocate community.”
Administered by the Ohio Treasurer’s office, the STABLE program is not limited to just Ohio residents. In fact, there is at least one STABLE client in all 50 states and the District of Columbia. Any eligible individual in the United States can open a STABLE account. However, if they live in a partner state, they may choose to participate in that partner state’s plan. As word about STABLE spreads throughout Ohio and across the United States, overall enrollment in the specialized savings and investment account continues to grow.
Visit stableaccount.com for more information on this program.
STABLE by the numbers
• Total active accounts – 10,763
• Active Ohio accounts – 4,583
• Active non-Ohio accounts – 6,180
• Average account balance – $5,654.31
• Total amount under TOS management – $60,857,390.65