Disabled Ohioans are limited on how much they can earn or save and still be eligible for Social Security or Medicaid. But special savings accounts through Ohio’s Treasurer office that will allow them to save without losing benefits are gaining in popularity.
State Treasurer Robert Sprague says so called STABLE accounts allow disabled Ohioans receiving dollars from those federal programs to save money. Savers can be use that account for housing, education, transportation, healthcare and other basic expenses – which can be unexpected.
“That financial stability for individuals with disabilities is worth more than its weight in gold for those families," Sprague says.
Recipients, or someone who wants to give them money, can contribute up to $15,000 per year. If the recipient is employed, they might be able to contribute up to an additional $12,140 of income. The earnings are tax free.
Sprague says there are more than 13,000 active accounts throughout the country right now, with a total contribution of more than $100 million.