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

Ohio’s 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
• Five Investment Options
• 4 Vanguard Target Risk Funds (LifeStrategy Funds)
• 1 FDIC Insured Option

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

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

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

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

Helpful Resources

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