Savings Accounts Becoming More Popular For Ohioans With Disabilities
Ohioans with disabilities are limited on how much they can earn or save and still be eligible for Social Security or Medicaid. Because of that, special savings accounts through the Ohio Treasurer's Office that will allow them to save without losing benefits are gaining in popularity.
State Treasurer Robert Sprague says so-called STABLE accounts allow Ohioans with disabilities receiving dollars from those federal programs to save money. Savers can be use that account for housing, education, transportation, health care and other basic expenses – which can be unexpected.
“That financial stability for individuals with disabilities is worth more than its weight in gold for those families," Sprague says.
Recipients, or someone who wants to give them money, can contribute up to $15,000 per year. If the recipient is employed, they might be able to contribute up to an additional $12,140 of income. The earnings are tax-free.
Sprague says there are more than 13,000 active accounts throughout the country right now, with a total contribution of more than $100 million.