STABLE Accounts: What you need to know!
Living with a disability can mean extra and significant expenses not covered by insurance, Medicaid or Medicare. Nicholas Hancart from Ohio Treasurer of State explains the benefits of STABLE accounts, who is eligible, how to enroll, what expenses are considered "qualified", STABLE Account vs. Special Needs Trusts, and implications for SSI recipients.
The STABLE Program for the first time, provides tax-advantaged savings and investment opportunities to individuals with disabilities without risk of losing means-tested benefits. Individuals are able to save above their resource limit for their needs, while still keeping their benefits. Individuals are utilizing STABLE Accounts from all 50 states.
HIGHLIGHTS OF THE DISCUSSION
- Benefits of stable accounts
- Eligibility requirements and how to enroll
- What expenses are considered "qualified disability expenses"
- Implications for ssi recipients