STABLE Accounts are Changing Lives

STABLE Accounts are Changing Lives
June 24, 2019

As employers and business owners, you understand the importance of giving back to your employees and providing them with opportunities to make their lives better.

Before passage of the federal Achieving a Better Life Experience (ABLE) Act, individuals with disabilities could only save a total of $2,000 before they would lose their means-tested benefits such as Medicaid or Supplemental Security Income (SSI). The ABLE Act authorized the creation of 529-like plans that act as specialized savings and investment accounts for people with disabilities that won’t cause them to lose benefits. Since the STABLE account program was launched in Ohio in 2016, we’ve been the national leader in ABLE accounts. STABLE accounts were the first of its kind, and today, over a quarter of all ABLE accounts across the country are STABLE accounts.

Earnings on STABLE accounts grow tax-free and are not subject to federal income tax, so long as the funds are spent on Qualified Disability Expenses. These expenses include education, housing, transportation, healthcare, assistive technology, basic living expenses, and many other items.

The Treasurer’s office is actively engaging businesses and local governments to spread the word about STABLE accounts and to partner with us to make the direct deposit option available to their employees. You can find more information or sign up for a STABLE account at https://stableaccount.com.

If your organization is interested in offering this direct deposit benefit to employees, please feel free to contact the office at 1-800-439-1653. You may also reach the STABLE team directly at team@stableaccount.com.

 

« Back to Blog
Copyright © 2019 Seneca Regional Chamber of Commerce and Visitor Services. All rights reserved.