See the approved categories for more details about eligible expenses. 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. 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. personal savings or checking account), these funds will need to have record keeping completed separately by you. You should consider whether your home state plan offers any benefits not available through STABLE Account. Consider investment objectives, risks, charges and expenses before investing. You should consider whether your home state plan offers any benefits not available through STABLE Account. The account's growth is tax free and your contributions may qualify for a state income tax deduction. You will need to make an initial contribution of at least $25 in order to set up your account. You could lose money by investing in a STABLE Account. 2022 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. 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. Transportation. See the "Benefits" section of our website for more information. STABLE Accounts are not guaranteed or insured by any state, any state agency or subdivision thereof, or their authorized agents or affiliates. 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 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. 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. 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 . All rights reserved. See the approved categories for more details about. See the "Benefits" section of our website for more information. You could lose money by investing in a STABLE account. STABLE accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. Visa Prepaid Clearinghouse Services Customer Service Department. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Statement and Participation Agreement. Can I use funds to pay for housing or rent. Qualified Expenses Use the money in your account to pay for any expense related to your disability not just medical expenses. You could lose money by investing in a STABLE account. STABLE accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. 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. Housing. What are "Qualified Expenses"? If funds from your STABLE Account are transferred to your personal bank account (i.e. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Booklet. Save for the things that you need today and want tomorrow. Most expenses are considered a qualified expense. 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 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. 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 STABLE Kentucky is offered through a partnership with the Ohio Treasurers Office, the administrator of the STABLE Account Plan. Consider investment objectives, risks, charges, and expenses before investing. 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 personal savings or checking account), these funds will need to have record keeping completed separately by you. Stable Account Qualified Expenses will sometimes glitch and take you a long time to try different solutions. Expand All Sections ABLE Advisory Board Qualified Expenses Use the money in your account to pay for any expense related to your disability not just medical expenses. . 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. Launch STABLE Account Resource Details Share this $ {title} $ {badge} $ {loading} Youll have to pay tax on investment growth, plus a 10% penalty on earnings for non-qualified expenses. Assistive technology. Will having a STABLE account make me ineligible for Medicaid? Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Booklet. 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). Participants can get their own STABLE card that can be used to spend money on qualified expenses. You could lose money by investing in a 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. Phone: 1-844-263-2111 | Fax: 1-844-432-3609. 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. Theres a wide range of qualified expenses that cover most expenses related to your disability. STABLE Accounts allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid or SSI. 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. Take one step closer to saving and investing for your goals. They allow individuals with disabilities to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI, or SSDI. STABLE accounts are investment accounts, similar to 529 college . 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 You should consider whether your home state plan offers any benefits not available through STABLE Account. The qualified expenses are geared toward improving health, independence, and quality of life, and include: Living expenses. There's a wide range of qualified expenses that cover most expenses related to your disability. 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. 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. Qualified Expenses Use the money in your account to pay for any expense related to your disability not just medical expenses. What are the benefits of a STABLE account through Georgia STABLE? Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Booklet. 5005 Rockside Road, Suite 699-27. account (which you can track with your STABLE Visa. STABLE accounts allow you to save and invest money without losing eligibility for certain public benefits programs, like Medicaid or Supplemental Security Income (SSI). (3) The expense helps you to maintain or improve your health, independence, or quality of life. 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. LoginAsk is here to help you access Stable Account Qualified Expenses quickly and handle each specific case you encounter. Independence, OH 44131. Furthermore, you can find the "Troubleshooting Login Issues" section which can answer your unresolved problems . 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. 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). so long as you spend them on qualified disability expenses. A STABLE account for those with an eligible disability who want to save and invest for a better life, . Oklahoma STABLE is offered through a partnership with the Ohio Treasurers Office, the administrator of the STABLE Account Plan. STABLE accounts are investment accounts similar to 529 college savings accounts or 401 (k) retirement accounts. 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. The money from your account can be used for everyday needs or unexpected events. Before you open an account, you should carefully read and understand the STABLE Account Plan Disclosure Statement and Participation Agreement. . 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. 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. You can scroll through the FAQs, search, or click a category button to filter them. STABLE Accounts are not guaranteed or insured by any state, any state agency or subdivision thereof, or their authorized agents or affiliates. 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. The money from your account can be used for everyday needs or unexpected events. Education. Some of these include: living expenses, education, housing . 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). Earnings on savings are tax-deferred and tax-free when used to pay for qualified expenses. Help protect funds and enjoy peace of mind Spending is limited to funds loaded on the STABLE Visa Card Earnings in your STABLE account are not subject to federal income tax, so long as you spend them on qualified disability expenses. Employment, training, and support. 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. Money in STABLE Accounts can be used to pay for any expenses related to your disability, except medical expenses. 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. 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. What are STABLE Account benefits? 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). Currently, Oklahomans pay $3.25 per month (charged to the account quarterly equaling $39.00 annually) to maintain their accounts. What happens if I withdraw money for a non-qualified expense? 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. The account's growth is tax-free and your contributions may qualify for a state income tax deduction. Consider investment objectives, risks, charges, and expenses before investing. Consider investment objectives, risks, charges and expenses before investing. You could lose money by investing in a STABLE Account. Take one step closer to saving and investing for your goals. Balances and distributions do not affect needs-based financial aid such as Medicaid or SSI. 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. Take one step closer to saving and investing for your goals. You could lose money by investing in a 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. Examples of Qualified Disability Expenses. There is also a small asset-based fee of between 0.19% and 0.33%, depending on the investment options chosen. A STABLE Account is an investment account available to eligible people with disabilities. 2022 Stable Account. Before you open an account, . All rights reserved. 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. Consider investment objectives, risks, charges, and expenses before investing. A STABLE Account is an investment account available to eligible individuals with disabilities. If funds from your STABLE Account are transferred to your personal bank account (i.e. Consider investment objectives, risks, charges, and expenses before investing.
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