Ohios ABLE Plan Juliana Crist Director, STABLE Accounts - - PowerPoint PPT Presentation

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Ohios ABLE Plan Juliana Crist Director, STABLE Accounts - - PowerPoint PPT Presentation

Ohios ABLE Plan Juliana Crist Director, STABLE Accounts stableaccount.com STABLE Basics June 1st: First in the Nation! Available to all states Online accounts Paperless Process Contributions and withdrawals all electronic


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SLIDE 1

Ohio’s ABLE Plan

Juliana Crist Director, STABLE Accounts

stableaccount.com

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SLIDE 2

STABLE Basics

  • June 1st: First in the Nation!
  • Available to all states
  • Online accounts
  • Paperless Process
  • Contributions and withdrawals all electronic
  • Five Investment Options
  • 4 Vanguard Target Risk Funds (LifeStrategy Funds)
  • 1 FDIC Insured Option
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SLIDE 3

STABLE Card

  • Loadable debit card
  • Balances are FDIC insured
  • No-cost card issuance + no fees
  • Unless using pin transactions - $0.49
  • Online spending records
  • Categorization of expenses (qualified/unqualified)
  • Memo lines for expenses
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SLIDE 4

Challenges

  • Program Build
  • Cost and Resources: 7-8 full time employees + fully staffed

customer service center + 6 external vendors + 3 law firms

  • Cultural Shift + Trust Barriers
  • Combatting Fears and Misinformation (e.g.: Medicaid

Payback)

  • Understanding Investment Portfolios
  • Grassroots Awareness and Education
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SLIDE 5

Fraud Concerns

  • Overarching concern: protecting PWDs
  • Guardianship Issues
  • Unauthorized account administrators
  • Opening multiple accounts
  • Misuse of funds (i.e., spending on non-qualified

expenses)

  • Attempts to open bank accounts as ABLE

accounts

  • Conflicts of interest from other financial industry

professionals

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SLIDE 6

STABLE Stats

  • Average STABLE Account beneficiary: a young adult

with a developmental disability, receiving benefits, with parent overseeing finances

  • 70%+ receive benefits
  • Developmental disabilities are most common type
  • 90% permanent disability
  • 1/3 self-administered by PWD; half parent-administered
  • Overwhelming preference for FDIC-insured investment
  • 34+ states represented
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SLIDE 7

Helpful Resources

Customer Service team@stableaccount.com 1-800-439-1653 Website URL stableaccount.com