Understanding STABLE Accounts
Have you heard about the tax-free savings account for persons with disabilities that can be used for qualifying expenses? These accounts are part of the implementation of the Achieving a Better Life Experience (ABLE) Act that was signed into law nationally in 2014.
A STABLE Account is an investment account available to eligible individuals with disabilities to:
- Save your earnings tax-free
- Keep your public benefits with no impact on Medicaid benefits and limited impact on SSI benefits.
- Use a “STABLE Card” for Qualified Disability Expenses.
We are excited to announce that STABLE Accounts are now available in both Georgia and South Carolina for residents who have acquired/been diagnosed with their disabilities before the age of 26.
Do you qualify for a STABLE Account?
The following is brief eligibility information for you to determine whether STABLE can be your income savings option.
Do you identify with, at least, one (1) of these items?
- Entitled to Supplemental Security Income (SSI) because of disability;
- Entitled to Social Security Disability Insurance (SSDI) because of disability;
- Have a condition listed on the Social Security Administration’s List of Compassionate Allowances Conditions; or
- Able to “self-certify” their disability and diagnosis (see details below) when opening a STABLE account.
If you self-certify, during your application process, you must comply with the following:
- Provide a written, signed diagnosis from a licensed physician (note: individuals do not have to provide us with a copy of the diagnosis during enrollment, but a copy of the diagnosis must be available upon request); and
- Identify as either:
- (1) blind, within the meaning of the Social Security Act, or
- (2) has a medically determinable physical or mental impairment that results in “marked and severe functional limitations”
Still not quite sure whether you qualify?
Try this quick quiz if you are in Georgia: Georgiastable.com/eligibility
And this quick quiz if you are in South Carolina: https://www.scable.org/eligibility/
What are “Qualified Expenses”?
Money in STABLE Accounts can be used to pay for any expenses related to your disability, except medical expenses. 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
- Health & Wellness
- Financial Management
Find out more about these expenses in Georgia and South Carolina.
Saving and Investing
STABLE Accounts are investment accounts, not bank accounts. You can easily contribute money to your account online. Simply login, input your personal bank account information (i.e., your account and routing numbers), and make a deposit. You can also save your bank account information and set up recurring contributions.
When you contribute money to your STABLE Account, your money is invested in different portfolios that is provide. These portfolios are the STABLE “Investment Options.” There are five different Investment Options for you to choose from:
- Growth
- Moderate Growth
- Conservative Growth
- Income
- BankSafe
For more information about these different types of investments, visit the GA STABLE Account and SC STABLE Account websites.
Ready to get started?
For complete details or to enroll in this new way to save your hard earned money, please visit:
- GeorgiaSTABLE.com for Georgia residents;
- SCABLE.org for South Carolina residents.
If you have questions or need assistance walking through the process, call our office closest to you or complete our Self-Referral Form online.
**Specific information about the STABLE Accounts, eligibility, and options were taken from the Georgia STABLE and SC ABLE Websites**