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News for Vocational Rehabilitation Professionals
Georgia Launches ABLE Program
June 14, 2017
Source: ABLE National Resource Center
The ABLE National Resource Center, managed by National Disability Institute (NDI), is excited to congratulate the State of Georgia on becoming the 22nd state to launch an ABLE program. The Georgia ABLE program, named Georgia STABLE, will be administered through a partnership with Ohio STABLE Accounts, which are backed by Intuition ABLE Solutions, LLC, and will be managed by Vanguard Group, Inc. and Fifth Third Bank. Georgia STABLE Accounts will only be available to eligible Georgia residents with disabilities.
Georgia STABLE allows qualified individuals with disabilities to save up to $14,000 a year in an ABLE account without jeopardizing their eligibility for federally-funded means tested benefits, such as Supplemental Security Income (SSI) and Medicaid. The funds in the account can be used for disability-related expenses that assist the beneficiary in increasing and/or maintaining his or her health, independence or quality of life.
Millions of individuals with disabilities and their families are often relegated to a life of poverty as a result of not being allowed to build even the most modest levels of financial resources. Individuals receiving supports through Social Security, Medicaid and other publicly-funded programs are often disqualified from those supports if they have more than $2,000 worth of resources or assets. Now, with the launch of ABLE programs nationwide, individuals with disabilities and their families will be able to take a step to better secure their financial futures and to help offset the often significant financial challenges that can accompany living with a disability.
Like other ABLE programs across the country, the Georgia STABLE program focuses its efforts to ensure minimal costs associated with establishing and maintaining an ABLE account (which can be completed online). The Georgia STABLE program has an annual account fee of $42, charged on a monthly basis. Fees associated with investment options range from 0.19% - 0.34%.
In addition to Georgia STABLE, there are 21 other states that have launched ABLE programs: Alabama, Alaska, Florida, Illinois, Iowa, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia. Most of these ABLE programs are open for enrollment by eligible individuals nationwide. Please visit www.ablenrc.org for details about these programs.
For more information on the Georgia STABLE program and how to enroll, please visit georgiastable.com.