A child or adult with a disability can now save money without jeopardizing means-tested benefits with Ohio’s STABLE account.
“ABLE” accounts permit an individual with a disability to save money without having the savings jeopardize certain benefits such as Medicaid and Supplemental Security Income (SSI). Historically, to receive Medicaid, SSI, and other benefits, you had to have a very minimal amount of savings, typically $1500-2,000. Now, an eligible person with a disability can save money without worrying about losing these necessary benefits. Ohio’s version of this special savings account is called a STABLE account.
STABLE account specifics:
- STABLE accounts permit you to deposit up to $14,000 a year into an account that you choose from accounts with varying investment options.
- To be eligible for opening a STABLE account, the person with a disability had to have onset of the disability prior to age 26.
- Additionally, the person must be either entitled to SSI, or entitled to Social Security Disability Insurance (SSDI), or have a condition listed on the Social Security Administration’s “List of Compassionate Allowances Conditions,” or can self-certify (see website for requirements to self-certify).
- You do not need to reside in Ohio to open a STABLE account—enrollment is open to eligible people nationwide.
- A person with a disability can open their own account. A parent, legal guardian, or agent in a power of attorney authorizing actions with STABLE accounts can also open an account for an eligible person.
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