The money from your account can be used for everyday needs or unexpected events. Examples of things you can use your STABLE Account for: Basic Living Expenses Housing Transportation Education Assistive Technology Employment Training Personal Support Services Legal Fees Health & Wellness A STABLE Account is an investment account available to eligible individuals with disabilities. Qualified Expenses Use the money in your account to pay for any expense related to your disability not just medical expenses. Will having a STABLE account make me ineligible for Medicaid? Examples of Qualified Disability Expenses. You could lose money by investing in a STABLE account. so long as you spend them on qualified disability expenses. Phone: 1-844-263-2111 | Fax: 1-844-432-3609. 2022 Stable Account. Take one step closer to saving and investing for your goals. Consider investment objectives, risks, charges, and expenses before investing. . Take one step closer to saving and investing for your goals. You could lose money by investing in a STABLE account. A STABLE Account is an investment account available to eligible people with disabilities. Earnings in your STABLE Account are not subject to federal income tax, so long as you spend them on "Qualified Disability Expenses." STABLE accounts have some similar features to . Currently, Oklahomans pay $3.25 per month (charged to the account quarterly equaling $39.00 annually) to maintain their accounts. Transportation. STABLE accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. There's a wide range of qualified expenses that cover most expenses related to your disability. They allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI, or SSDI. All rights reserved. As long as the expense helps maintain or improve the health, independence, or quality of life of the person with a disability, it can qualify as a qualified expense. Employment, training, and support. What happens if I withdraw money for a non-qualified expense? The account's growth is tax free and your contributions may qualify for a state income tax deduction. Housing. 5005 Rockside Road, Suite 699-27. You should keep documentation of your purchases in case the IRS asks for it, and you must provide proof of how you spent the money from your account (which you can track with your STABLE Visa Card). You can scroll through the FAQs, search, or click a category button to filter them. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid or SSI. Examples of things that you can use your STABLE Account for: Basic living expenses Housing Transportation Education Assistive Technology Employment Training Personal Support Services Legal Fees account (which you can track with your STABLE Visa. STABLE accountsare not guaranteed by the OhioTreasurer's office, the State of Ohio, any state agency or subdivision thereof, or their authorized agents or affiliates. STABLE Account recommends that you use the spending features from within your account in order to have full transaction record keeping maintained automatically.Non-Qualified ExpendituresIf you spend your STABLE Account funds on a non-qualified expense, you will have to pay regular income taxes, plus a 10% additional tax, on the earnings portion of those non-qualified funds. Call us Monday through Friday, at 1-800-439-1653 from 9am-8pm ET, or use our Live Chat feature in the bottom right of your screen (when available). Assistive technology. Oklahoma STABLE is offered through a partnership with the Ohio Treasurers Office, the administrator of the STABLE Account Plan. Most expenses are considered a qualified expense. Education. Launch STABLE Account Resource Details Share this $ {title} $ {badge} $ {loading} Transportation Expenses for transportation Use of mass transit Purchase or modification of vehicles Moving expensesEducation Tuition for preschool through post-secondary education Books Supplies and educational materialsAssistive Technology and Personal Support Expenses for assistive technology and personal support Remote monitoring equipment & services Communication devices Screen reader softwareEmployment Training and Support Moving expenses Expenses related to obtaining and maintaining employment Job-related trainingHealth, Prevention and Wellness Expenses for health and wellness Premiums for health insurance Mental health, medical, vision, and dental expenses Habilitation and rehabilitation services Durable medical equipment Therapy Respite care Long-term services and supports Nutritional management Communication services and devices Adaptive equipment Personal assistanceMiscellaneous Expenses Financial management and administrative services Legal fees Expenses for oversight Monitoring Funeral and burial expenses. Expand All Sections ABLE Advisory Board Additionally, the non-Qualified funds you withdraw could be counted against you for purposes of determining your eligibility for means-tested public benefits programs, like Medicaid or SSI. You could lose money by investing in a STABLE Account. Can I use funds to pay for housing or rent. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Booklet. STABLE Account recommends that you use the spending features from within your account in order to have full transaction record keeping maintained automatically.Non-Qualified ExpendituresIf you spend your STABLE Account funds on a non-qualified expense, you will have to pay regular income taxes, plus a 10% additional tax, on the earnings portion of those non-qualified funds. The qualified expenses are geared toward improving health, independence, and quality of life, and include: We dont need to see your receipts, but the IRS might. Before you open an account, . Examples of things you can use your STABLE Account for: Basic Living Expenses Housing Transportation Education Assistive Technology Employment Training Personal Support Services Legal Fees Health & Wellness You should consider whether your home state plan offers any benefits not available through STABLE Account. If funds from your STABLE Account are transferred to your personal bank account (i.e. Consider investment objectives, risks, charges, and expenses before investing. Consider investment objectives, risks, charges and expenses before investing. The qualified expenses are geared toward improving health, independence, and quality of life, and include: Living expenses Education Housing Transportation Employment, training, and support Assistive technology Personal support services Health, prevention, and wellness Financial management Administrative services Legal fees Oversight and monitoring Take one step closer to saving and investing for your goals. Also, keep in mind that any non-eligible withdrawals are considered income for the month and could count against your eligibility for Supplemental Security Income (SSI) benefits or Medicaid. Consider investment objectives, risks, charges and expenses before investing. 2022 Stable Account. Theres a wide range of qualified expenses that cover most expenses related to your disability. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Statement and Participation Agreement. STABLE accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. If you spend your STABLE Account funds on a non-qualified expense, you will have to pay regular income taxes, plus a 10% additional tax, on the earnings portion of those non-qualified funds. You should consider whether your home state plan offers any benefits not available through STABLE Account. See the "Benefits" section of our website for more information. There is also a small asset-based fee of between 0.19% and 0.33%, depending on the investment options chosen. Youll have to pay tax on investment growth, plus a 10% penalty on earnings for non-qualified expenses. Consider investment objectives, risks, charges, and expenses before investing. Call us Monday through Friday, at 1-800-439-1653 from 9am-8pm ET, or use our Live Chat feature in the bottom right of your screen (when available). Transportation Expenses for transportation Use of mass transit Purchase or modification of vehicles Moving expensesEducation Tuition for preschool through post-secondary education Books Supplies and educational materialsAssistive Technology and Personal Support Expenses for assistive technology and personal support Remote monitoring equipment & services Communication devices Screen reader softwareEmployment Training and Support Moving expenses Expenses related to obtaining and maintaining employment Job-related trainingHealth, Prevention and Wellness Expenses for health and wellness Premiums for health insurance Mental health, medical, vision, and dental expenses Habilitation and rehabilitation services Durable medical equipment Therapy Respite care Long-term services and supports Nutritional management Communication services and devices Adaptive equipment Personal assistanceMiscellaneous Expenses Financial management and administrative services Legal fees Expenses for oversight Monitoring Funeral and burial expenses. You should consider whether your home state plan offers any benefits not available through STABLE Account. STABLE accounts are not guaranteed by the Ohio Treasurers office, the State of Ohio, any state agency or subdivision thereof, or their authorized agents or affiliates. STABLE Kentucky is offered through a partnership with the Ohio Treasurers Office, the administrator of the STABLE Account Plan. Documenting Your ExpensesThe STABLE Account platform allows you to maintain records within your online account portal for spending through the direct bill payment feature and the STABLE Visa card. Basic Living Expenses Food Clothing Personal care itemsHousing Purchase of a primary residence Expenses for a primary residence Home improvement, modifications, maintenance, and repairs Rent Mortgage payments Real property taxes Utility chargesNOTE: SSI benefits can be affected if you use ABLE funds for any housing expenses. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Booklet. Consider investment objectives, risks, charges, and expenses before investing. See the "Benefits" section of our website for more information. Save for the things that you need today and want tomorrow. Accountholders can save and invest up to $16,000 a year (and, if employed, up to $12,880 more) for a wide range of eligible expenses. Furthermore, you can find the "Troubleshooting Login Issues" section which can answer your unresolved problems . Earnings on savings are tax-deferred and tax-free when used to pay for qualified expenses. STABLE accounts are investment accounts, similar to 529 college . Accountholders can save and invest up to $16,000 a year (and, if employed, up to $12,880 more) for a wide range of eligible expenses. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Statement and Participation Agreement. Keep your qualified expenses all in one place Using a STABLE Visa Card allows you to clearly separate your STABLE account funds and qualified expenses from your other personal checking or savings account for easier reporting. A STABLE account for those with an eligible disability who want to save and invest for a better life, achieve financial empowerment and prepare for a more independent future. You will need to make an initial contribution of at least $25 in order to set up your account. . All rights reserved. A STABLE account for those with an eligible disability who want to save and invest for a better life, . Earnings in your STABLE account are not subject to federal income tax, so long as you spend them on qualified disability expenses. Examples of things you can use your STABLE Account for: Basic Living Expenses Housing Transportation Education Assistive Technology Employment Training Personal Support Services Legal Fees Health & Wellness See the approved categories for more details about eligible expenses. STABLE accounts are not guaranteed by the Ohio Treasurers office, the State of Ohio, any state agency or subdivision thereof, or their authorized agents or affiliates. Money in STABLE Accounts can be used to pay for any expenses related to your disability, except medical expenses. Independence, OH 44131. What are STABLE Account benefits? If funds from your STABLE Account are transferred to your personal bank account (i.e. See the approved categories for more details about. Call us Monday through Friday, at 1-800-439-1653 from 9am-8pm ET, or use our Live Chat feature in the bottom right of your screen (when available). STABLE Accounts are not guaranteed or insured by any state, any state agency or subdivision thereof, or their authorized agents or affiliates. Balances and distributions do not affect needs-based financial aid such as Medicaid or SSI. Basic Living Expenses Food Clothing Personal care itemsHousing Purchase of a primary residence Expenses for a primary residence Home improvement, modifications, maintenance, and repairs Rent Mortgage payments Real property taxes Utility chargesNOTE: SSI benefits can be affected if you use ABLE funds for any housing expenses. A STABLE account for those with an eligible disability who want to save and invest for a better life, achieve financial empowerment and prepare for a more independent future. STABLE accounts are not guaranteed by the Ohio Treasurers office, the State of Ohio, any state agency or subdivision thereof, or their authorized agents or affiliates. STABLE accounts are investment accounts similar to 529 college savings accounts or 401 (k) retirement accounts. Consider investment objectives, risks, charges, and expenses before investing. STABLE Accounts are not guaranteed or insured by any state, any state agency or subdivision thereof, or their authorized agents or affiliates. The qualified expenses are geared toward improving health, independence, and quality of life, and include: Living expenses. The money from your account can be used for everyday needs or unexpected events. Some of these include: living expenses, education, housing . Documenting Your ExpensesThe STABLE Account platform allows you to maintain records within your online account portal for spending through the direct bill payment feature and the STABLE Visa card. personal savings or checking account), these funds will need to have record keeping completed separately by you. Visa Prepaid Clearinghouse Services Customer Service Department. Participants can get their own STABLE card that can be used to spend money on qualified expenses. The account's growth is tax-free and your contributions may qualify for a state income tax deduction. Additionally, the non-Qualified funds you withdraw could be counted against you for purposes of determining your eligibility for means-tested public benefits programs, like Medicaid or SSI. Qualified Expenses Use the money in your account to pay for any expense related to your disability not just medical expenses. Qualified Expenses Use the money in your account to pay for any expense related to your disability not just medical expenses. (3) The expense helps you to maintain or improve your health, independence, or quality of life. You could lose money by investing in a STABLE account. Stable Account Qualified Expenses will sometimes glitch and take you a long time to try different solutions. If you spend your STABLE Account funds on a non-qualified expense, you will have to pay regular income taxes, plus a 10% additional tax, on the earnings portion of those non-qualified funds. What are the benefits of a STABLE account through Georgia STABLE? You could lose money by investing in a STABLE account. LoginAsk is here to help you access Stable Account Qualified Expenses quickly and handle each specific case you encounter. You could lose money by investing in a STABLE Account. An expense is considered a "Qualified Disability Expense" if: (1) You incurred the expense at a time when you were an Eligible Individual; (2) The expense relates to your disability; and. Some of these include: living expenses, education, housing, transportation, employment, vacation, job training, career support, assistive technology, personal support services, health, prevention, wellness, financial management, administrative services, legal fees, and more. 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