State Treasurer Riley Moore today celebrated the 6th anniversary of WVABLE – a savings program offered by the State Treasurer’s Office that provides individuals with disabilities the opportunity to save and invest without jeopardizing needs-based public benefits.
“Over the last six years, my Office’s WVABLE Savings Program has helped empower hundreds of West Virginians with disabilities to become more financially independent,” Treasurer Moore said. “I’m proud West Virginia was one of the first states to launch this program that has removed barriers for individuals with disabilities and their families to save for their future.”
In 2014, Congress passed a piece of legislation called The Stephen Beck, Jr. Achieving a Better Life Experience Act – the ABLE Act. This legislation enabled state-run savings accounts which are modeled after 529 savings plans to allow eligible individuals to save and invest money without harming their ability to receive public benefits.
Prior to the passage of the ABLE Act, individuals with a disability were not permitted to save more than $2,000 without being at risk of losing federal needs-based benefits, such as Supplemental Security Income (SSI) and Medicaid.
On February 9, 2018, the West Virginia State Treasurer’s Office launched WVABLE by partnering with the Ohio Treasurer’s Office STABLE savings program, a national ABLE plan, to make STABLE accounts available to residents of West Virginia.
According to the National Association of State Treasurers, there are currently 46 states and DC that have launched ABLE programs.
“Our WVABLE program is a game changer for West Virginians with a disability,” WVABLE Program Director Roxanne Clay said. “WVABLE equips our accountholders to dream big as they set their savings goals toward living a more independent life, without the fear of losing their critical public benefits. We have individuals who contribute to their WVABLE savings account to pay for items, such as everyday living expenses, unexpected medical procedures, and assistive technologies and modifications for their vehicles and homes to increase accessibility.”
Since the program’s inception, WVABLE has helped 730 individuals and their families save and invest over $7.8 million. The average WVABLE account balance is more than $8,500, which is over four times the amount individuals with a disability were permitted to save before the program was established.
During 2023, WVABLE’s assets under management increased by 44 percent.
“While we are proud WVABLE has helped improve the lives of many families, our program has more room to grow,” Clay said. “About 2 percent of eligible West Virginians own a WVABLE account. We are working diligently to raise public awareness about the program to ensure all eligible West Virginia residents know they have an opportunity to save and invest with WVABLE.”
If you are a resident of West Virginia who developed a disability or blindness before the age of 26 and are eligible for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) benefits, or have a signed Diagnosis Form from a licensed physician, you can open a STABLE account through WVABLE.
To learn more about eligibility, take WVABLE’s eligibility quiz at: www.wvable.com/eligibility.
The WVABLE program conducts monthly webinars, presented by Program Director Roxanne Clay, that are open to the public for West Virginians to learn about the critical benefits of opening a WVABLE savings account.
For more information about WVABLE, or to sign up for an account, visit www.wvtreasury.com/WVABLE.