The bill amends sections 113.51 and 113.53 of the Revised Code to enhance the Ohio ABLE account program, which is designed to assist individuals with disabilities in saving for disability-related expenses. Key provisions include the requirement for the treasurer of state to pay account fees associated with an ABLE account on behalf of Ohio account owners or beneficiaries. Additionally, the bill clarifies that money in an ABLE account is exempt from attachment, execution, or garnishment, and is not subject to claims under the Medicaid estate recovery program unless required by federal law. The bill also ensures that information related to ABLE accounts is not considered public record.

Furthermore, the bill includes an appropriation of $900,000 for the STABLE Maintenance Fee Subsidy, which will be used to subsidize monthly fees incurred by STABLE account holders who are eligible individuals with disabilities. This financial support aims to alleviate the burden of account maintenance costs for these individuals. The bill repeals existing sections 113.51 and 113.53, indicating a comprehensive update to the legal framework governing Ohio ABLE accounts.

Statutes affected:
As Introduced: 113.51, 113.53