EDITOR’S NOTE: This press release was issued by the Ohio State Treasurer’s Office.
COLUMBUS – In conjunction with ABLE Today and the National Association of State Treasurers (NAST), Ohio Treasurer Robert Sprague recognizes Aug. 14 as National ABLE Savings Day.
It’s a time to increase awareness about ABLE Account programs and their life-changing benefits.
Under Treasurer Sprague’s leadership, Ohio’s STABLE Account program has gained popularity, with overall participation growing from fewer than 10,000 accounts in January 2019 to more than 48,000 active accounts today.
“STABLE accounts are an incredible tool that opens the door to empowerment, independence, and financial security for those living with disabilities,” Sprague said.
“Our office is proud to shine a spotlight on ABLE programs during ABLE Savings Day and share the benefits of these life changing accounts while offering additional benefits like the Stable Account Enrollment Incentive.”
In 2024, Treasurer Sprague announced the launch of the STABLE Account Enrollment Incentive to encourage more eligible Ohioans to open an account.
Through the incentive, STABLE Account matches the first $25 that an eligible Ohioan contributes when opening a new account.
This matched contribution provides new accountholders with an instantaneous boost toward growing their money and beginning their investment journey.
STABLE accounts are 529-like specialized savings and investment accounts for people living with disabilities.
The accounts allow individuals to save and invest their money without fearing the loss of means-tested benefits like Medicaid or Supplemental Security Income (SSI).
Accountholders can save up to $19,000 annually without losing federal assistance, and they can save an additional $15,060 each year if they’re employed.
Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology, and more.
Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong financial future.
Signing up for a STABLE account takes about 20 minutes and can be done online from home.
For more information about STABLE accounts and to sign up, visit www.stableaccount.com.