When STABLE Account proudly launched in Ohio 10 years ago, it became the nation’s first 529 Achieving a Better Life Experience (ABLE) plan. This created a new opportunity for individuals with disabilities and medical conditions to save, invest and plan for the future. Over the last decade, the program has helped empower individuals and their families by providing a protected way to pursue financial goals while maintaining access to important benefits.
Administered by the Ohio Treasurer of State, STABLE Account has now grown into the largest national ABLE plan and remains a trusted financial resource that has helped more than 60,000 individuals with disabilities and qualifying medical conditions prepare for their financial future without impacting eligibility for essential means-tested benefits such as Medicaid and Supplemental Security Income (SSI).
At Ohio 529 CollegeAdvantage, we are proud to celebrate a decade of STABLE Account’s growth, innovation, and impact. Through continued enhancements, a focus on ease of use, and expanded outreach and advocacy efforts, the program remains committed to supporting individuals, families, providers, caregivers, and loved ones.
The program’s growth and impact would not be possible without the support of statewide partners, agencies, community organizations, and advocates who help raise awareness, connect individuals and families with resources and advocate the importance of financial empowerment. Today, STABLE Account continues to serve as a trusted resource supported by a strong network of partners and ambassadors working together to promote independence and opportunity for individuals and families across Ohio and beyond.
Interested in joining the STABLE Account community and learning more?
How much can you save? This year, the annual contribution limit for a STABLE account is $20,000. Contributions can be made by the account owner, as well as family members, friends, employers or other supporters who want to help contribute to the account. If the account owner is employed, they can also contribute up to an additional $15,650 through the ABLE to Work provision. The lifetime account balance limit for a STABLE account is $570,000.
What can STABLE Account funds be used for? Your STABLE account funds can help support many goals, from everyday expenses to long-term savings, including education, medical costs, housing, daily living expenses, travel, and more.
Who can benefit from the program? Individuals whose disability or medical condition began before the age of 46 are eligible to open a STABLE Account. You do not need to currently be under the age of 46 to be eligible. Family members or an Authorized Legal Representative (ALR) including a parent, guardian, or organization can open and manage the account on behalf of the individual with the disability as well.
529 College Savings rollover to an ABLE account: Did you know that ABLE accounts and 529 College Savings Accounts can work together to support your family’s financial goals? If you have an existing 529 College Savings Account and later determine that a traditional education savings plan is not the best fit for your child or loved one, you may be able to roll over up to $20,000 (the annual contribution limit) into a STABLE Account. These funds can then be used toward a broader range of qualified expenses including medical costs, housing, daily living expenses, transportation, travel education and more.
How do I get started? Getting started is simple and enrollment takes about 15 minutes, all from the comfort of your home. Managing the account is simple with an accessible online platform and app. Online enrollment is encouraged and can be completed by the individual or family member at Stableaccount.com, but paper form enrollment is an option as well.
To learn more about the impact of STABLE Account, hear from their ambassadors, and to enroll, please visit Stableaccount.com or contact the STABLE Account team at stableaccount@tos.ohio.gov.
