Treasurer recognizes August as #ABLEtoSave Month
COLUMBUS – Ohio Treasurer Robert Sprague today recognized the national #ABLEtoSave Month campaign as an important effort to promote financial security for people with disabilities.
#ABLEtoSave Month aims to increase awareness about ABLE accounts across the United States and encourage the usage of these investment options. #ABLEtoSave Month is organized by the ABLE National Resource Center.
“STABLE accounts are an incredibly powerful tool for increasing financial security and providing greater independence for people living with disabilities,” said Treasurer Sprague. “As the nation’s first and largest ABLE program, our STABLE team works hard to grow the program and offer families a reliable way to save money and invest in their futures. I applaud the efforts of the ABLE National Resource Center to inform the public and encourage the usage of the accounts nationwide.”
Established following passage of the federal Achieving a Better Life Experience (ABLE) Act, Ohio’s STABLE Account program provides specialized savings and investment accounts for people living with disabilities. The accounts allow them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income (SSI).
During his first year in office, Treasurer Sprague grew participation in the STABLE Account program by more than 50%. Today, there are nearly 18,000 active accounts – with 839 added in June 2020 alone – and more than $150 million in total account contributions.
Partnerships among the State of Ohio and several local governments and private employers now allow qualifying employees to make recurring direct deposits into STABLE accounts.
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.
Signing up for a STABLE account is easy – it only takes about 20 minutes and can be done from the safety and comfort of home. For more information about STABLE accounts and to sign up, visit www.stableaccount.com.