Empowerment, independence and stability through STABLE Account

August is ABLE to Save Month, and there is no better time to shine a light on the life-changing impact ABLE accounts can make for people living with disabilities.

With the new school year getting underway and families across Ohio sending their children back to the classroom, they are facing annual expenses for supplies, technology, and clothes. But with inflation driving up prices on nearly everything we buy, Ohioans are definitely feeling the squeeze. And, as many know all too well, disability-related expenses can pose additional financial strains.

However, in the Treasurer’s Office, we have a powerful tool to help alleviate some of those financial pressures, unlock each person’s potential, and make our communities and economy stronger. Through STABLE Account – Ohio's ABLE program – the Treasurer’s Office plays a key role in the effort to enhance financial independence and stability for people living with disabilities and their families.

Before STABLE accounts, people living with disabilities could save only $2,000 before losing means-tested benefits such as Medicaid or Supplemental Security Income (SSI). These regulations discouraged saving and investing, and asset limits often kept individuals living in the financial margins.

STABLE accountholders can save up to $16,000 each year without jeopardizing federal assistance. If the accountholder is employed, they can save an additional $12,880 each year. Earnings on STABLE accounts grow tax-free, as long as funds are spent on qualified expenses, such as education, transportation, healthcare, assistive technology, personal support services, and many others.

For individuals living with disabilities and their families, a STABLE account can be life-changing as it provides a secure and sound way to manage funds and navigate various disability-related expenses.

Additionally, for those wishing to enter the workforce, a STABLE account can help remove barriers to employment, while building a strong foundation for independence across all stages of life. We’ve heard many stories of accountholders buying cars, paying rent, and even putting down payments on their first homes. This financial stability is powerful and can provide the peace of mind that comes with a plan for the future.

Today, STABLE Account serves 30,000 accountholders – triple the number of accountholders we served just over three years ago. In the Buckeye State, we’ve seen how STABLE accounts improve financial stability, promote independence, and improve quality of life. There’s always more work to be done, but during ABLE to Save Month, we have plenty to celebrate.

Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life while building a strong financial future. Signing up for an 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.

Robert Sprague is the treasurer of the state of Ohio.