Make the most of the benefits you deserve
Your benefits are here to stay
When you open an account, you won’t lose your state or federal benefits.
A STABLE account through WVABLE helps you supplement your current benefits in order to save for qualified expenses. If you’re receiving Supplemental Security Income (SSI), you can have up to $100,000 in the account without it counting towards the $2,000 asset limit. If you choose to go over the $100,000 limit, your SSI benefits will be suspended, but you’ll still be eligible for all other benefits (such as Medicaid). Once your balance drops below the limit, your SSI benefits will resume as normal.
No impact on Medicaid benefits
The money in your STABLE account will not affect your eligibility for Medicaid benefits. For more information, please see this helpful guide from the Centers for Medicare & Medicaid Services.
Get more of the things you need
The money in your account can be used for various everyday expenses, like housing and rent. Qualified expenses are geared toward improving health, independence, and quality of life, and include:
Employment, training, and support
Personal support services
Health, prevention, and wellness
Oversight and monitoring
Funeral and burial costs, and more
Keep track of your expenses
We don’t need to see your receipts, but the IRS might. You should keep documentation of your purchases in case the IRS asks for it, and you have to provide proof of how you spent the money in your account.
Enjoy the benefits of the STABLE Visa® Card
The STABLE Visa Card is available to everyone with a STABLE account through WVABLE. The STABLE Visa Card does not pull money directly out of your STABLE account. Instead, you get to choose a specific amount of money to load onto your card, which can help better control budgets and plan for your qualified disability expenses. The STABLE Visa Card's discrete loading feature allows you to limit how much money your loved one can access at any given time.
What if I buy something that doesn’t qualify?
You’ll have to pay tax on growth, plus a 10% penalty on earnings for non-qualified items. Also, keep in mind that any non-qualified withdrawals are considered income for the month and could count against your eligibility for SSI benefits or Medicaid.
Save and invest tax free
Both the earnings from your STABLE account and the money withdrawn for eligible expenses are tax free.
Earnings on your STABLE Account grow free of federal and West Virginia state income taxes. The earnings remain tax-free even when you withdraw them, so long as you spend the money on Qualified Disability Expenses.
If you are a West Virginia resident or taxpayer, you may take a state income tax deduction equal to your total contributions to a WVABLE account for the year. Deductions for contributions are allowed for each designated beneficiary and excess deduction may be carried forward for up to five years.
Contributions are not tax deductible on your federal tax return, but the designated beneficiary's own contributions may be eligible for a federal Saver's Credit.
You should consult a qualified tax advisor about how the laws apply to your circumstances, and a qualified benefits advisor as to how a STABLE Account, and withdrawals from such account, may affect any means-tested federal or state benefits for which you may otherwise be eligible.