People with disabilities in West Virginia who are receiving Supplemental Security Income may be worried about how they can save money without losing eligibility for the programs they depend on for ongoing monthly expenses. One such vehicle that can be used is a STABLE account, a specific type of investment account available for people with disabilities under the provisions of the Achieving a Better Life Experience (ABLE) Act. These types of accounts are similar to other investment accounts like a 401(k) for retirement or a 529 for college savings. People with disabilities can use the contents of the account tax-free for expenses associated with their disabilities.
These types of accounts also allow people with disabilities to save without losing their eligibility for means-tested programs like Supplemental Security Income or Medicaid. When funds are deposited into the account, they will be invested in options that the account owner can choose. The accounts are designed to support long-term savings, but the account holder can also remove funds from the account when needed for expenses related to their disability.
In West Virginia, state agencies have introduced the WVABLE plan, which allows state residents to open STABLE accounts at a discount. The West Virginia Treasurer's Office worked with other state and federal agencies to introduce this program. People can open a STABLE account online by entering basic information and confirming eligibility. In order to open the free account, they will need to deposit at least $50.
Navigating the federal and state disability system can be complex for people with disabilities and their families, from the initial application for Supplemental Security Income to the ongoing regulations governing the use of disability funds. A disability lawyer can provide advice and representation to people going through the application process and dealing with other concerns about SSI benefits.