Ky Legislators Briefed on Savings Accounts Through STABLE
The State of Kentucky is offering a new way for people with disabilities to save and invest money. Legislators in Frankfort got an update Wednesday.
State Treasurer Allison Ball told members of the Health and Welfare Committee that Kentucky STABLE will allow persons with disabilities to contribute to special bank accounts that will allow them to save money without losing eligibility for federal assistance like Medicaid or Social Security Disability benefits.
This option is made possible by enactment of the federal Achieving a Better Life Experience Act or ABLE. Ball says family members can contribute to the accounts. “Prior to this time family members couldn’t legally help other family members who have disabilities cause it would affect their ability to receive benefits from the government,” Ball said.
Northern Kentucky Representative Addia Wuchner acknowledged the need for such accounts. “We heard very moving testimony from a young women who needed repairs on her wheelchair van and how that affected her because she was using that to try to go back and forth to work,” noted Wuchner. “That was a reality of not being able to have money set aside even for something that simple that you would need in your life.”
State Treasurer Allison Ball says money can be invested within five different options. The funds can go to help pay for such things as education, health care, and housing.