Representatives Dever, Conditt Join Treasurer Mandel To Announce Launch Of STABLE Accounts
Program allows disabled Ohioans to create tax-advantaged savings accounts
June 01, 2016
 
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COLUMBUS—State Representatives Jonathan Dever (R-Madeira) and Margy Conditt (R-Liberty Township) today joined with Ohio Treasurer Josh Mandel to highlight the official launch of STABLE accounts in Ohio. The savings plan, which is the first of its kind in the country, enables individuals with disabilities the option to save and invest.


Due to the passage of House Bill 155, sponsored by Reps. Dever and Conditt, the Treasurer’s office is authorized to open and administer these accounts, which were first established through the federal government. The program will allow individuals and families to provide financial assistance to disabled persons, helping them to sustain a healthy, independent lifestyle.


“It is great to see Ohio be the first state in the nation to launch its STABLE program,” Dever said. “STABLE accounts are an important step in the effort to assist those with disabilities manage the extra and significant costs of living with a disability. I look forward to watching the program develop into the future.”


The STABLE program helps eligible beneficiaries who meet certain disability requirements established by federal law. For those who are eligible, the accounts will not affect eligibility for Supplemental Security Income (SSI), Medicaid or other public benefits, until the account reaches a certain threshold. A STABLE account will, with private savings, secure funding for disability-related expenses on behalf of designated beneficiaries.


“This is a historic moment and I am so proud that our state is leading the charge to help our citizens with disabilities achieve a better life experience,” said Conditt.


Features of the STABLE accounts include online enrollment, contribution, withdrawal and investment; 24/7/365 online access; a STABLE card that works like a debit card; and various investment options.


Those wanting to apply or looking for more information can visit www.stableaccount.com.

 
 
 
  
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