Stable Accounts | State Of Ohio - Government Offices
A STABLE Account is an investment account available to eligible individuals with disabilities. STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI, or SSDI. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on “Qualified Disability Expenses.” STABLE Accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. STABLE Accounts are investment accounts, similar to 529 college savings accounts or 401(k) retirement accounts. When you deposit money into your STABLE Account, your money will be invested in different options that you choose. While you can still withdraw and spend your money whenever you need it, a STABLE Account also allows you to grow your money and to save long-term for disability expenses.
Data provided by
211 Pathways
Physical Address
30 East Broad Street, 9th Floor State Office Tower, Columbus, OH 43215-3461
Hours
24/7.
Fax
(614) 644-7313
Voice
Voice
Application process
Account set up and enrollment is all online. No bank trips necessary. When you open your account, you will be asked to create your own username and password for our online account portal. You will put in your basic information, such as your name, address, birth date, etc. (If you are a parent or other representative opening an account for someone else, you will need to put in your information and the account holder's information.) You will also be asked a few questions regarding your disability, in order to confirm your eligibility to open an account. Once you have input your information, you will make your initial contribution and choose your Investment Options.
Fee
There are minimal costs associated with maintaining your account. Ohio residents will pay $2.50 per month ($30 annually) to maintain their accounts and there will also be a small asset-based fee of between 0.19% and 0.34%, depending on their chosen Investment Options.
Eligibility
An “Eligible Individual” is someone who developed their disability before the age of 26. The individual must have been living with their disability for at least one year, or they must expect their disability to last for at least a year. Other eligibility requirements may apply. Visit website at www.stableaccount.com for details.
Service area
Ohio
Agency info
State Of Ohio - Government Offices
Office oversees signing bills into law, serving as commander-in-chief of the state's National Guard and militia forces, convening special sessions of the state legislature, delivering a "state of the state" address to citizens, granting commutations and pardons to prisoners and appointing people to various judicial and state offices.