Quick Links
Skip to main contentSkip to navigation

Ohio ESC Association

Working...

Ajax Loading Image

 

STABLE Ohio

An OESCA Strategic Partner

Enrollment is now open for STABLE Accounts -- the nation's first savings plan for people with disabilities.  

With the creation of a STABLE Account, eligible participants are able to save money, invest money and spend money on qualified expenses such as healthcare, education, housing and transportation – all without affecting participants’ eligibility for benefits programs such as Medicaid and SSI.

 

What is a STABLE Account?

A STABLE Account is an investment account available to eligible individuals with disabilities. STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI, or SSDI. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on “Qualified Disability Expenses.”

STABLE Accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. STABLE Accounts are investment accounts, similar to 529 college savings accounts or 401(k) retirement accounts. When you deposit money into your STABLE Account, your money will be invested in different options that you choose. While you can still withdraw and spend your money whenever you need it, STABLE Accounts also allow you to grow your money and to save long-term for disability expenses.  

Federal and State ABLE Legislation

The Achieving a Better Life Experience ("ABLE") Act was passed by Congress in December of 2014. It 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. To read the legislation, visit this link.

Ohio House Bill 155 implements the federal ABLE Act in Ohio. The Office of the Ohio Treasurer administers STABLE Accounts.


IRS Regulations

The Internal Revenue Service (IRS) has provided proposed regulations for STABLE Accounts. These proposed regulations offer guidance to states, beneficiaries, and other interested parties. To read the proposed regulations, visit this link.

Questions?
 

Go to https://www.stableaccount.com/faq/ for more information.

 

OESCA is a Proud Partner of Ohio's STABLE Program.

Related Sites

Note: Pages will open in a new browser window. External pages are not endorsed by Ohio ESC Association.