STABLE Accounts: National Savings & Investment Solutions for People with Disabilities
STABLE Accounts were launched in June 2016 by the Office of the State Treasurer of Ohio to offer savings and investment solutions for people with disabilities. This national program is available to residents of ALL states in the United States. STABLE Accounts are made possible by the Achieving a Better Life Experience (ABLE) Act of 2014. This is the federal legislation that allows families and individuals with disabilities the opportunity to create tax-advantaged accounts that can be used to help maintain health, independence, and quality of life, without losing eligibility for certain government benefits like Medicaid, SSI or SSDI.
In this webinar, Juliana Crist, STABLE Account Director, Office of the State Treasurer of Ohio, and Eric Ochmanek, Deputy Chief of Staff, Office of the State Treasurer of Ohio covered the following topics:
- What is the ABLE Act?
- What are STABLE Accounts?
- Benefits of STABLE Accounts
- Who can have a STABLE Account?
- Enrollment process and eligibility certifications
- Funding your account and investment options
- SSI and Medicaid considerations
- How can you spend STABLE funds?
- Non-qualified expenditures
- Spending from your account
- STABLE card
- Account cost
- STABLE vs. Special Needs Trust