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A STABLE Act account may be set up for the benefit of a person with a disability who became disabled prior to age 26.
Cash contributions may be made by the person with a disability and/or any other persons up to $14,000 per year
Earnings in the STABLE Act account remain tax-free as long as distributions are made for “qualified disability expenses,”. Distributions for other purposes are taxed on the earnings, plus a 10% penalty.
Qualified Expenses include:
Housing
Transportation
Basic living expenses
Education
Assistive Technology
Legal Fees
Health & Wellness
Financial management
A STABLE Act account beneficiary who also receives Supplemental Security Income (SSI) will continue to be eligible for SSI Income
If the balance of the STABLE account exceeds $100,000. SSI benefits are suspended temporarily until the amount falls below $100,000.
A STABLE Act account beneficiary who also receives Medicaid will continue to be eligible for Medicaid as long as the account balance does not exceed the limit established by the Ohio STABLE Act. The maximum amount is based on Ohio’s contribution limits applicable to section 529 plans which are savings accounts for higher education. The 2015 limit is $414,000.
Upon death of the STABLE Act account beneficiary, any funds remaining in the account are subject to payback to the state for the amount Medicaid paid for the beneficiary.
An “Eligible Individual” is someone who developed their disability before the age of 26.
The individual must have been living with their disability for at least one year
In addition, the individual must meet at least one of the following criteria:
Be entitled to Supplemental Security Income (SSI)
Be entitled to Social Security Disability Insurance (SSDI)
Have a condition listed on the Social Security Administration’s List of Compassionate Allowances Conditions
Be able to "self-certify" their disability and diagnosis
Call: 1-800-439-1653
Email: team@stableaccount.com
Website: www.stableaccount.com