CHARLESTON, W.Va. (WVDN) – State Treasurer Larry Pack today celebrated the 7th 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 seven years, my Office’s WVABLE Savings Program has helped empower hundreds of West Virginians with disabilities to become more financially independent,” Treasurer Pack 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 plans, 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.
Since the program’s inception, WVABLE accountholders and their families have saved over $9.7 million. The average WVABLE account balance is more than $9,500, which is nearly five times the amount individuals with a disability were permitted to save before the program was established.
“WVABLE is honored to provide a pathway for West Virginians with a disability to finally be able to plan and save for a brighter financial future and a life of greater independence,” WVABLE Program Director Roxanne Clay said. “The beauty of WVABLE accounts is their flexibility in how individuals with a disability and their families use the accounts as well as the savings potential for every accountholder. Bottom line, every accountholder’s circumstances and goals differ, and WVABLE accounts enable each individual and their family to finally be able to set and achieve their savings and investments goals without the fear of losing public benefits that are critical to their health and wellbeing.”
During 2024, WVABLE’s assets under management increased by nearly 34 percent.
Treasurer Pack is excited to support the ABLE Age Adjustment Act when it takes effect in 2026. The new law will raise the age limit for the onset of a disability from before 26 to before 46. It is estimated this will increase the number of those eligible for an ABLE account by 6.5 million nationwide, including one million veterans.
“Tens of thousands of West Virginians will benefit from this move, including our state’s veterans who developed a disability later in life,” Treasurer Pack said. “The ABLE Age Adjustment Act will allow them to start saving with a WVABLE account.”
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.gov/WVABLE.
