Ohio is the first state in the nation to introduce tax-advantaged savings and investment accounts for eligible children and adults with disabilities. STABLE Accounts allow individuals to accumulate money for college, retirement or other purposes without losing eligibility for Medicaid, SSI and or SSDI assistance. The accounts were created under the federal Achieving a Better Life Experience Act of 2014. One of the Ohioans who plans to participate is Jenny Cunningham.
The Ohio Treasurer's office is administering the program. The accounts have normal saving and withdrawal features, while also allowing for long-term investments. They are not subject to federal income taxes as long as the money is spent on qualified disability expenses. The initial minimum contribution is 50 dollars. Set-up is free.