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