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STABLE is Kentucky’s ___________ program
The beneficiary’s own wages still count at income even if contributed to a STABLE account. STABLE accounts are “asset shields” and not “income shields.”
Funds in a STABLE account do not affect eligibility for means-tested benefits programs. e.g., SSI and Medicaid, as STABLE accounts are excluded as a resource.
There are no monthly maintenance fees or asset-based fees for a STABLE Kentucky account.
STABLE Kentucky is administered by the Kentucky State Treasurer’s Office and is offered to Kentucky residents through the Ohio STABLE Program.
Upon the death of the account owner/beneficiary, Medicaid can ask for a payback but there are these protections:
A STABLE Kentucky account:
If a beneficiary is employed, he/she may contribute an additional $12,760 annually to a STABLE account.
To be eligible to open a STABLE Kentucky account, a person must be:
Enrollment in a STABLE Kentucky account is done on line, requires an email account and a $50 minimum opening deposit.
An Authorized Legal Representative can be a:
Funding a STABLE Account can be accomplished by an electronic funds transfer (EFT) , check., PayPal or Venmo.
The annual contribution limit, from all sources, is the same as the gift tax exclusion which could increase over time. The annual limit is a hard limit but the balance can grow higher than this limit depending on fund selection and investment performance.
STABLE accounts have ____________Vanguard mutual funds and ____________ principal-protected FDIC insured option.
The target risk funds (low risk to high risk) are offered through Vanguard and are characterized as:
Withdrawals from a STABLE account must be used on “Qualified Disability Expenses.”
The STABLE program does not make the final determination on whether a particular expense is/is not “Qualified.” The ____________ does.
Qualified Disability Expenses must relate to the disability, help maintain or improve health, independence or quality of life and include these categories:
STABLE Kentucky will ask the account owner/beneficiary what s/he spent the money on from the STABLE account as can benefits agencies and the IRS.
For a person on SSI (Supplemental Security Income):