Ohio launches first-of-its-kind saving and investment account for people with disabilities to pay for qualified expenses without jeopardizing eligibility for benefits - Achieving a Better Life Experience (ABLE) account program.
The ABLE Act of 2014 is federal legislation that authorizes states to establish accounts for people with disabilities that are tax exempt and are not counted when determining eligibility for means-tested federal benefits programs. In Ohio, these are called STABLE accounts.
The accounts will allow people with disabilities to save and invest without losing eligibility for certain federal benefits, like SSI (you can have up to $100,000 in a STABLE account without SSI being affected) or Medicaid. The STABLE program is open to anyone across the country who meets eligibility requirements, though the fees are higher for people who live out of state.
Participants can use the money from the account for qualified expenses, including education, health care, housing and transportation.
Participants will be able to choose between five different investment strategies that range in risk levels, including a banking approach that offers no risk and is backed by the Federal Deposit Insurance Corporation. For more information, see http://www.stableaccount.com/.
To be eligible for a STABLE account, you or the beneficiary must:
- Be blind or have a medically determinable physical or mental impairment that results in marked and severe functional limitations, and such condition developed before the age of 26 and will last, or has lasted, at least a year;
- Be a U.S. citizen or legal resident; and
- Confirm one of the following:
- Are eligible for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) because of a disability;
- Have a condition listed on the Social Security Administration’s “List of Compassionate Allowances Conditions”;
- Experience blindness as determined by the Social Security Act; or
- Has received, and can provide if requested, a signed diagnosis of the qualifying disability from a licensed physician.
This information was updated in April 2024.