MONTGOMERY COUNTY — Montgomery County employees are now able to take advantage of STABLE accounts, according to a spokesperson from Ohio State Treasurer Robert Sprague’s office.
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Ohio State Treasurer Robert Sprague and Montgomery County officials will be working together to better the STABLE Account program, which launched in 2016.
This program is made up of specialized savings and investment accounts for people living with disabilities that allow them to save and invest money without losing eligibility for certain benefits, the spokesperson said.
This new measure will allow eligible employees to opt-in to have a portion of their paycheck deposited directly in a STABLE account for themselves or a qualifying family member.
“There’s a rule both for Social Security and also for Medicaid if you have more than $2,000 of assets in your name, then you’ll lose those benefits. And so, this account is the antidote for that,” Ohio State Treasurer Robert Sprague said.
Sprague has prioritized partnering with employers to provide the STABLE Account payroll direct deposit benefit to Ohioans, the spokesperson said.
Montgomery County is the 8th Ohio county to provide the payroll direct deposit to employees.
“They can save up to $17,000 a year and an additional $13,590 a year if they work and earn that money and save that money in these accounts. And they can be used to spend on anything that they want,” Sprague said.
Sprague wants to make sure people collecting supplemental security income can work in the community and can spend their money the way they see fit.
“We had one individual that came and said this is the only program that I’ve seen at the state of Ohio. they give me one thing that no other program can and it is self-esteem,” Sprague said.
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Montgomery County Treasurer John McManus is excited about the STABLE Account program.
“Individuals who have a disability, they can sign up as a beneficiary for this account, but also family members of those with disabilities can sign up so that they can direct a portion of their paycheck to go into this account for the benefit of their child or loved one with a disability,” McManus said.
With over half a million people living in Montgomery County, there are only 500 STABLE accounts open.
County and state officials want to see that number grow.
“This region cares deeply about its residents with disabilities and we want to make sure that they have the financial tools for success so that they can lead the best and the most full lives,” McManus said.
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