A program that is still in its infancy is helping people with disabilities save money. The program, known as STABLE, recently turned one. It helps people save up to $14,000 per year if they open an account. It also helps people save money without them losing their federal supplemental security income benefits.
The STABLE program is active in Ohio and it stands for State Treasury Achieving a Better Life Act. The program is run by the Treasurer’s Office in Ohio. The program allows people with disabilities to save and invest up to $14,000 per year without risking their benefits. The benefits are not at risk because these accounts are not viewed as assets when calculating who is eligible for benefits and who is not eligible.
The press secretary for the Treasurer’s Office said the following about the program: “For so many years you’ve been told that you can’t do something – that (you can only save up to) $2,000 and that’s it. And now it’s can we really do this? Yes, the rules have changed and you can do this.”
The Ohio program is open for applicants across the country. The program actually leads the country in number of applicants out of the other 22 states that have similar programs. There are close to 4,000 people enrolled so far, but a large portion of the eligible 1.5 million Ohioans with disabilities do not know about the program.
If you need to apply for supplemental security income, or have to file an appeal, speaking with an experienced Social Security Disability attorney can help you understand the process and how you can protect your rights.
Source: Canton Rep, “STABLE program helps those with disabilities save money,” July 09, 2017