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New PSAs draw attention to new accounts that are helping disabled residents
By Marc Kovac
COLUMBUS
The state treasurer’s office has launched a series of public-service announcements in Youngstown and Ohio’s other big cities aimed at drawing attention to new accounts that are helping disabled residents save and invest funds without losing eligibility for other public assistance.
Republican Treasurer Josh Mandel on Monday also announced that Ohio’s STABLE account program would be open to residents across the country.
“Before these accounts became available, oftentimes people with special needs were forced to live in poverty and an indigent-type lifestyle,” Mandel said. “Now, for the first time ever, they can accept dollars from their families. Their families can put up to $14,000 a year into a STABLE account. They can have north of $400,000 in an account without losing certain benefits at the federal level.”
The accounts were established through federal law and modeled after Section 529 tuition-savings programs.
Subsequent state-law changes, OK’d by lawmakers and signed by Gov. John Kasich last year, paved the way for the state treasurer’s office to implement an Ohio program, with funding for promotional and outreach efforts.
The accounts are designed to enable disabled residents and their families to deposit funds, which can be withdrawn, like other bank accounts, or invested for better returns.
Balances up to certain amounts do not affect residents’ eligibility for Medicaid or other public-assistance programs.
“This is going to be a huge asset to families and individuals with disabilities,” said John Martin, director of the Ohio Department of Developmental Disabilities. “Many of the folks in our system are eligible for Medicaid, but with that comes a lot of restrictions and a lot of challenges for families. When we combine these STABLE accounts with Medicaid and other programs, it’s going to make a huge increase in the quality of life for folks with disabilities.”
Ohio’s program was officially launched earlier this month. On Monday, Mandel unveiled his office’s outreach efforts and announced that Ohio’s accounts would be open to disabled residents anywhere in the country.