What are stable accounts?
A STABLE Account is an investment account available to eligible individuals with disabilities to: Save your earnings tax-free. Keep your public benefits with no impact on Medicaid benefits and limited impact on SSI benefits. Use a “STABLE Card” for Qualified Disability Expenses.
Is a stable account the same as an ABLE account?
ABLE Accounts = Financial Security & Freedom
Georgia's recently implemented ABLE program (under the name of STABLE Accounts) is a great a way for individuals with disabilities to save money without losing eligibility for certain public benefits programs, like Medicaid, SSI,* or SSDI.
How do I add money to my stable account?
A: You can easily contribute money to your account online. Simply input your personal bank account information (i.e., your routing and account numbers), and make a deposit. You can also save your bank account information and set up recurring contributions. If necessary, you can also mail in check contributions.
What are the benefits of a stable account in Ohio?
STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI, or SSDI. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on "Qualified Disability Expenses."
How do I withdraw money from my stable account?
If you would like to withdraw money from your STABLE Account, all you have to do is log into your online account and request a withdrawal. You will have the option of receiving funds by electronic funds transfer or by check.
Are stable contributions tax deductible?
Anyone can contribute to an individual's STABLE account, up to $15,000 per year. Contributions to a STABLE account are eligible for a tax deduction up to $4,000 annually, with unlimited carry-forward or excess annual contributions.