A Stable account is simply tax-free savings for disability related expenses. These savings and investment accounts are for individuals living with disabilities. Stable accounts are made possible by the federal Achieving a Better Life Experience Act (ABLE) of 2014.
This allows one to save and invest money without losing eligibility for public benefits programs, like Medicaid and Supplemental Security Income (SSI). They’re also not subject to federal tax but must be used on qualified expenses.
Qualified expenses are geared toward improving one’s health, independence, and quality of life. This includes basic living expenses, food, housing, utilities, house modifications, transportation, assistive technology, healthcare expenses, funeral and burial costs, education, and more.
Who is eligible? A disability that began before the age of 26. A person living with a disability for at least one year or expects it to last at least one year. Someone eligible for SSI/SSDI due to a disability.
Stable accounts are free to open online and take less than 10 minutes. It requires an initial deposit of $25. You can open an account for someone as their guardian, spouse, parent, grandparent, sibling, or authorized legal representative.
Family and friends can contribute up to $17,000 per calendar year. This can be an alternative gift idea for holidays and birthdays! Balance must stay below $100,000 or public benefits might be affected.
OHIO STABLE RESOURCES: Customer Service 1-800-439-1653 M-F 9am to 8pm EST