News
Kentucky Offering Special Bank Accounts for People with Disabilities
By: Associated Press
Posted on:
FRANKFORT, Ky. (AP) – Kentucky Treasurer Allison Ball says the state is offering special bank accounts to people with disabilities.
The accounts allow people with disabilities to save and invest money without losing eligibility for federal programs like Medicaid and the Social Security Disability Insurance program. Money deposited in the accounts are exempt from federal income tax as long as the money is spent on qualified disability expenses.
Ball said the accounts, called STABLE Kentucky Accounts, were legalized by the federal Achieving a Better Life Experience Act in 2014. She said the accounts are similar to normal bank accounts, but said the money can also be invested. Ball said the money can be spent on things like education, health care, housing and transportation.