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Collaboration at state level promotes disabled Ohioans' savings, investment

KEITH ARNOLD
Special to the Legal News

Published: April 29, 2019

Ohio's savings and investment program for disabled individuals has hit an important milestone since its inception in 2016, state Treasurer Robert Sprague recently announced.

The STABLE program - the state's iteration of the federal Achieving a Better Life Experience program - has surpassed the 10,000-member marker, which should result directly in Ohio residents with disabilities in saving and investing for their futures.

A STABLE account is a specialized savings and investment account for disabled individuals, allowing them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income, a press release detailed. Prior to STABLE accounts, people with disabilities could save only $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, such as education, housing, transportation, healthcare, assistive technology, basic living expenses and other items.

Having hit its milestone, Ohio STABLE not only has become the premier ABLE program in the United States, but it accounts for approximately one-third of all active ABLE-related accounts across the country.

"I'm proud to see the Buckeye State be No. 1 in something that is making a difference in people's lives," Sprague said in a prepared statement. "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."

The treasurer's office and Department of Administrative Services Director Matthew Damschroder have announced a new collaboration that will make it easier for state employees and their families to take advantage of STABLE accounts.

Beginning immediately, qualified state employees can now visit www.myOhio.gov to set up recurring direct-deposits from their paychecks into STABLE accounts.

Sprague said the measure begins a renewed effort to talk with more Ohioans about this great program and get more people enrolled.

"STABLE accounts empower individuals while helping to alleviate some of the financial stressors endured by our hard-working families," he added. "This collaboration with DAS will lead to even more Ohioans taking advantage of the many benefits STABLE has to offer."

Damschroder credited Gov. Mike DeWine's desire to establish the state as a disability-inclusion state and model employer of individuals with disabilities with his department's collaboration with the STABLE program

"STABLE accounts empower people to fully participate in their community and not fear for their future," he added.

Administered by the treasurer's office, the STABLE program is not limited to just Ohio residents. The treasurer's office reported at least one STABLE client in each of the other 49 states and the District of Columbia.

As word about STABLE spreads throughout Ohio and across the United States, overall enrollment in the specialized savings and investment account continues to grow, the statement concluded.

For more details about the program, click on www.stableaccount.com.

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