COLUMBUS – Allen County has become the third Ohio county to partner with the Ohio Treasurer’s office to provide an option that makes it easier for county employees and their families to take advantage of STABLE accounts. Employees can set up direct deposits from their paychecks into STABLE accounts for themselves or a qualifying family member.
“For individuals living with disabilities and their families, the opportunity to save and invest for the future through a STABLE account can be life-changing,” said Robert Sprague, Ohio Treasurer. “We appreciate Allen County’s leadership in providing this benefit to county employees. Through this partnership, we’re making the benefits of STABLE accounts more accessible to more Ohioans.”
A STABLE account is a specialized savings and investment account for people with disabilities. It allows them to save and invest money without losing eligibility for certain means-tested benefits, such as Medicaid and Supplemental Security Income (SSI).
Prior to STABLE accounts, people with disabilities could only save a total of $2,000 before losing their benefits. Earnings on a STABLE account grow tax-free and are not subject to federal income tax, so long as they are spent on Qualified Disability Expenses like education, housing, transportation, healthcare, assistive technology, basic living expenses, and other items.
“I am grateful to Treasurer Sprague for offering the STABLE Account option,” said Rachael Gilroy, Allen County Auditor. “Allowing payroll deductions to a STABLE account now provides Allen County employees a unique and beneficial way for them to assist and provide for their family members now and in the future.”
Reach Sam Shriver at 567-242-0409.