A year ago today, Kentucky State Treasurer Allison Ball launched STABLE Kentucky, a savings and investment program for Kentuckians with disabilities at no cost to Kentucky taxpayers.
Today, STABLE Kentucky is a leader among ABLE Accounts nationally and has a market value of over $528,000. Treasurer Ball released a video commemorating the occasion.
“Over the last year, I have heard great things about the positive impact STABLE Kentucky Accounts are having on the lives of Kentuckians with disabilities,” Treasurer Ball said. “It is exciting to see how this tool is bringing greater financial independence in a revolutionary way.”
Prior to the launch of the program, individuals receiving government benefits such as Medicaid, SSI, and SSDI could only save up to $2,000 at a time without fear of losing benefits they receive. Under STABLE Kentucky, individuals can now save $14,000 annually.
STABLE Kentucky Accounts are possible through the federal Achieving a Better Life Experience (“ABLE”) Act passed by Congress in 2014. In addition to allowing individuals with disabilities to save and invest money without losing eligibility for benefits programs, earnings in the Kentucky accounts are not subject to federal income tax as long as funds are spent on qualified disability expenses.
To learn more or open an account, please visit www.stablekentucky.com.