Ohio first in nation to launch STABLE Accounts

Ohio has become the first state in the U.S. to roll out a new form of savings account designed to help people with disabilities save for the future without losing public benefits. Ohio Treasurer Josh Mandel announced the opening of the first accounts at a press conference June 13 in Columbus.

The specialized accounts, called STABLE Accounts in Ohio, allow people with disabilities to save and invest up to $14,000 per year without losing eligibility for programs such as Medicaid or Supplementary Security Income.

Money placed in STABLE accounts is tax-exempt if used for qualified expenses such as housing, education, assistive technology, and employment training.

For account details and eligibility requirements, visit www.stableaccount.com.

While the program is overseen by the Ohio Treasurer’s office, the accounts have been made available to people with disabilities nationwide. Opening the program to out-of-state registrants widens the pool of participants and results in lower fees for all account holders, according to the Ohio Treasurer’s office. 

STABLE Accounts were first made available to the public on June 1. Since that date, roughly 160 accounts have been opened. Account holders outside Ohio opened about half of those accounts.

The specialized accounts are available thanks to the federal Achieving a Better Life Experience (ABLE) Act of 2014. The ABLE Act authorized states to offer tax-advantaged savings accounts to qualified individuals so long as each state passed its own law allowing its treasurer to monitor and administer the new accounts.

Ohio’s version of the ABLE Act was passed in 2015 thanks to widespread support from people with developmental disabilities, advocates, lawmakers, and the state treasurer’s office.

Representatives from OACB and county boards of DD testified in favor of the Ohio ABLE Act at multiple points in the legislative process. At the request of lawmakers, OACB trustees, association staff, and county board superintendents formed an advisory group to help legislators remove obstacles to the act’s implementation and make the accounts more user-friendly for people with developmental disabilities.

OACB would like to thank State Representatives Jonathan Dever and Margy Conditt and State Senators Shannon Jones and John Eklund for their sponsorship of the Ohio ABLE Act. The association and its partners would also like to thank Ohio Treasurer Josh Mandel, whose leadership has allowed Ohioans with disabilities to be among the first in the nation to have access to these beneficial financial planning tools.