We know that saving money is very important to an individual’s long term ability to live independently. We also know that federal law says that people with disabilities are VERY restricted in terms of how much they can earn and save without losing critical benefits such as Social Security and Medicaid. (A person cannot have more than $2000 in a bank account before jeopardizing critical services like access health care.)
The All New STABLE Account Is Life Changers For Individuals With Disabilities And Their Families
A STABLE Account is an investment account available to eligible individuals with disabilities. STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act. 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” and up to $14,000 can be contributed into it annually.
With thanks to advocate Chip Gerhardt, president of downtown-based Government Strategies Group, former chairman of the National Down Syndrome Society, and father to Anne – Ohio and the country’s very first STABLE Account holder, Ohio became the first state to pass the federal Achieving a Better Life Experience Act, known as the ABLE Act in June 2016. After ten years of Chip’s lobbying Congress, the law has amended Section 529 of the IRS Code, allowing for these tax-free savings accounts for those who have disabilities. Since then, more than 1000 accounts have been opened in three states (Florida, Tennessee, and Nebraska) and 15 more states are expected to go live by the end of 2016.
If you are someone with a disability, or you have a family member with a disability, we urge you to please join Chip, ourselves, and our partner agencies to learn about STABLE Accounts, the benefits, and the registration process at our upcoming event. It is FREE; however, we ask that you please pre-register here.
STABLE ACCOUNTS 101
A Pathway To Financial Security For People With Disabilities
featuring Chip Gerhardt, president of Government Strategies Group, LLC who spearheaded the passage of the ABLE Act
WHEN: Wednesday, November 2, 2016 from 7 pm to 8:30 pm
WHERE: Fifth Third Bank; 5050 Kinglsey Dr; Cincinnati, Ohio 45227
PARKING: Directly in front of building in visitor spots
REGISTRATION: Click here
PRE-REGISTRATION IS REQUIRED AND SPACE IS LIMITED.