Offering ABLE Accounts to South Carolinians with disabilities
Tax-free savings plan for disability-related expenses
Save and invest without losing federal needs-based benefits
Tax-Free Earnings The earnings you make on your STABLE Account are not subject to federal or South Carolina state income taxes, so long as you spend the earnings on Qualified Disability Expenses.
Keep Your Public Benefits. One of the primary reasons that the federal ABLE Act was passed was to protect individuals with disabilities from losing certain benefits such as SSI or Medicaid. With the exception of some special SSI rules (see below), your STABLE Account funds do not count against you for purposes of determining your eligibility for means-tested federal benefits programs. For example, if you have $5,000 in your STABLE Account, that $5,000 does not count as an asset when determining your eligibility for SSI or Medicaid. In addition, your STABLE Account will not affect your eligibility for state-based means-tested benefits programs offered by South Carolina.
No Impact on Medicaid Benefits
For more information, go to www.scable.org