If you are a person or have a family member or friend whose income is disability income only, you know that traditionally they are not able to have more than a couple of thousand dollars in savings. However, there is a program that is now available in Ohio to give an opportunity to save money from disability income. In Ohio, it is called a STABLE account. It is operated through the office of the Treasurer of the State.
What is STABLE?
This program allows persons receiving disability income to save up to $16,000 without jeopardizing their government benefits. The earnings in a STABLE account grow tax-free as long as the funds are spent on qualified expenses such as transportation, healthcare, assistive technology, personal support services, and many others. This ability to save some of the government benefits can provide stability to the individual receiving them and their family.
Who Can Qualify?
The person who is revising disability benefits may be able to save a portion of their paycheck in this STABLE account if their employer has a relationship with the Ohio Treasurer of State to participate in the program.
You can get more information about a STABLE account by calling the Ohio Treasurer of State at 800-439-1653, email at team@stableaccount.com, or visiting the website of the Ohio Treasurer of State.
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