Benefits
Make the most of the benefits you deserve
Your benefits are here to stay
When you open an account, you won’t lose your state or federal benefits.
A STABLE account helps you supplement your current benefits with a way to save for qualified expenses. If you’re receiving Supplemental Security Income (SSI), you can have up to $100,000 in the account without it counting towards the $2,000 asset limit. If you choose to go over the $100,000 limit, your SSI benefits will be suspended, but you’ll still be eligible for all other benefits (such as Medicaid). Once your balance drops below the limit, your SSI benefits will resume as normal.
No impact on Medicaid benefits
The money in your STABLE account will not affect your eligibility for Medicaid benefits. For more information, please see this helpful guide from the Centers for Medicare & Medicaid Services.
Get more of the things you need
The money in your account can be used for everyday expenses, like housing and rent. 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
Funeral and burial costs, and more
Keep track of your expenses
We don’t need to see your receipts, but the IRS might. You should keep documentation of your purchases in case the IRS asks for it, and you need to provide proof of how you spent the money from your account.
Enjoy the benefits of the STABLE Visa® Card
The STABLE Visa Card is available to everyone with a STABLE account. The STABLE Visa Card does not pull money directly out of your STABLE account. Instead, you get to choose a specific amount of money to load onto your card, which can help better control budgets and plan for your qualified disability expenses. The STABLE Visa Card's discrete loading feature allows you to limit how much money your loved one can access at any given time.
Learn more about the STABLE Visa Card
What if I buy something that doesn’t qualify?
You may have to pay tax plus a 10% penalty on the earnings portion of the withdrawal used for non-qualified expenses. Also, keep in mind that any non-qualified withdrawals are considered income for the month and could count against your eligibility for SSI benefits or Medicaid.
Save and invest tax free
Both the earnings from your STABLE account and the money withdrawn for qualified expenses are tax free. Any money added to the account could qualify for a state income tax deduction, which means you’ll have even more saved for the future.
If you are an Ohio resident or taxpayer, you can take a state income tax deduction of up to $4,000 per STABLE account you contribute to, with unlimited carry forward. This means that if you contribute more than $4,000 to a STABLE account in a calendar year, you can carry the remainder of your contributions forward to subsequent years until your entire contribution has been fully deducted.
Other states may also offer income tax deductions or credits for STABLE account contributions. Please check with your state taxation agency or financial planner for more information on your state tax benefits.