Recently Passed State Budget Bill Includes Improvements to Ohio Treasurer’s STABLE Account Program

COLUMBUS – Provisions in the recently passed state operating budget (HB 96) make changes to the STABLE Account program, which enables individuals living with disabilities to save and invest their money without losing eligibility for means-tested benefits.

STABLE accounts are specialized savings and investment accounts for people living with disabilities. Accountholders can currently save up to $19,000 annually without losing federal assistance, and they can save an additional $15,060 if they’re employed. Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology, and more.

“The recent changes to STABLE Account made in the state budget will encourage more Ohioans to take advantage of the program’s life changing benefits of financial independence and empowerment,” said Treasurer Sprague. “The new provisions will eliminate account fees and protect information and assets, providing a sense of safety and security to STABLE accountholders and their families.”

House Bill 96 included the following changes to STABLE Account:

  • Requires the Treasurer of State to pay account fees on behalf of all Ohio accountholders. This change would not subsidize investment or asset-based fees.
  • In most cases, money in a STABLE account will not be subject to claims made under the Medicaid estate recovery program. This will provide accountholders peace of mind, by ensuring that their money will remain with their estate or beneficiaries upon the event of their death, rather than the funds being subject to be taken by the state.
  • Ensures that personal information including account asset details and disability status will not be subject to public record, protecting accountholders and their personal information.

“We’re thrilled that the STABLE Account program improvements we’ve been working on with the legislature were passed into law as part of the budget bill,” said STABLE Account Director Kenyatta Chandler. “The intention behind these improvements is to remove any barriers that would prevent Ohioans from taking advantage of these accounts and our hope is that the program will continue to expand with these changes.”

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLE Act, individuals with disabilities could only save $2,000 before losing means-tested benefits, such as Medicaid or Supplemental Security Income (SSI). Additionally, asset limits hindered opportunities to join the workforce. These regulations made it difficult for many people to work, save, and invest, creating barriers to financial independence.

Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong financial future. Signing up for a STABLE account takes about 20 minutes and can be done online from home. For more information about STABLE accounts and to sign up, visit www.stableaccount.com.

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