Increasing financial security and independence
Last month, we celebrated the 30th anniversary of President George H.W. Bush’s signing of the Americans with Disabilities Act (ADA). The bill’s enactment was a defining moment for our country, and the ADA has drastically improved equality of opportunity for people with disabilities. July also marked the fifth anniversary of Ohio House Bill 155, which authorized the creation of the STABLE Account program.
Now is the time to build on the legacy of those important pieces of legislation. August is #ABLEtoSave Month, which is dedicated to increasing the awareness and usage of ABLE accounts nationwide.
Following passage of the federal Achieving a Better Life Experience (ABLE) Act, Ohio’s STABLE Account program became the nation’s first ABLE program. During this month of advocacy and outreach, I want to reiterate our commitment to growing the STABLE program and working to further establish specialized investment accounts as a mainstream financial tool.
STABLE accounts are an incredibly powerful tool for increasing financial security and greater independence for people with disabilities. Before, people living with disabilities could only save a total of $2,000 before losing their benefits. However, that’s no longer the case. 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 many other items.
Our team started off 2020 by venturing to every corner of the state to share the benefits of STABLE accounts. While COVID-19 required a quick pivot to virtual outreach, it didn’t slow down our efforts. Since May, we have seen a record-breaking day, a record-breaking week, and two consecutive record-breaking months, adding 839 new accounts in June alone.
We are proud to now serve nearly 18,000 STABLE account-holders who have made over $150 million in total contributions. Today, our program accounts for 25 percent of account-holders nationally – proving that Ohio leads the way in creating opportunities for people with disabilities.
Opening 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, or to sign-up, please visit theSTABLE Account website at https://stableaccount.com, or call our team directly at 1-800-439-1653.
The Buckeye State is fortunate to have an ever-growing advocacy network that does a tremendous job of ensuring people with disabilities have every opportunity to thrive, and I’m proud of the work our STABLE team does every day to support that goal.
Together, we’re breaking down barriers to build a more inclusive state that benefits from the talents of all Ohioans.