COLUMBUS – April is ABLE to Save Month, and Ohio Treasurer Robert Sprague is using the occasion to tout the life-changing benefits of opening and maintaining a STABLE account. ABLE to Save Month is a national campaign that shines a light on ABLE programs across the country and how they enhance financial independence for people living with disabilities.
Under Treasurer Sprague’s leadership, Ohio’s iteration of an ABLE program – STABLE Account – has gained popularity and seen overall participation grow from fewer than 10,000 accounts in January 2019 to nearly 40,000 active accounts today.
“ABLE to Save Month is a great time to spread the word about the STABLE Account program and how these accounts are empowering individuals with disabilities to save and invest for their future,” said Treasurer Sprague. “While we’re proud of our work to grow the program in recent years, we remain determined to help even more Ohioans achieve greater financial independence and security through STABLE accounts.”
Treasurer Sprague is also using ABLE to Save Month as an opportunity to introduce the new STABLE Account Enrollment Incentive for new accountholders. Beginning April 1, 2024, STABLE Account will match the first $25 that an eligible Ohioan contributes when opening a new account. This matched contribution will provide new STABLE accountholders with an instantaneous boost toward growing their money.
“Through the new STABLE Account Enrollment Incentive, we can help more Ohioans to jumpstart their savings and investment journey,” said Sprague. “We hope this added benefit encourages more people living with disabilities and their families to explore the program.”
STABLE accounts are 529-like specialized savings and investment accounts for people living with disabilities. Accountholders can save up to $18,000 annually without losing federal assistance, and they can save an additional $14,580 each year 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 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.