Ohio Enhances STABLE Accounts: Empowering Individuals with Disabilities Through Legislative Changes
Ohio has enhanced its STABLE Accounts. These changes eliminate account maintenance fees, protect against Medicaid estate recovery claims, and increase privacy measures for accountholders, ensuring a more secure financial future for Ohioans with disabilities.
STABLE Accounts, established under the federal ABLE Act, provide Ohioans with disabilities with a unique opportunity to save and invest money for qualified expenses without jeopardizing eligibility for essential public benefits such as Supplemental Security Income (SSI) and Medicaid. They can be used for a range of important needs, including healthcare, housing, education, and transportation, allowing individuals to achieve greater financial independence.
As of July 1st, 2025, thanks to the passage of House Bill 96, the Ohio Treasurer’s office absorbs all maintenance fees associated with STABLE Accounts, making it easier for accountholders to grow their savings without incurring additional costs.
Another pivotal enhancement is the protection against Medicaid estate recovery. Historically, after the death of an account holder, the state could claim funds in a STABLE Account to recover Medicaid expenses. However, House Bill 96 ensures that the funds in these accounts typically remain untouched by state claims, allowing families to preserve their legacy and pass on assets to beneficiaries.
Additionally, the new legislation bolsters privacy protections for all accountholders. Personal information, including account balances and disability status, will no longer be public record, fostering a safer environment for individuals who may be concerned about their financial details being disclosed.
As Ohio continues to make strides toward inclusivity, these enhancements pave the way for a brighter future for the disability community. For more information on STABLE Accounts and the new legislative changes, visit www.stableaccount.com or contact the STABLE Account team at [email protected].