Lesson 3 Quiz: STABLE Kentucky

Lesson 3 Quiz: STABLE Kentucky

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Question 1 of 20

1. Question
STABLE is Kentucky’s ___________ program
- a. Supported Employment
- b. ABLE
- c. Pooled Special Needs Trust
- d. College savings plan or 529 plan
- Both b and d
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Question 2 of 20

2. Question
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.”
- True
- False
Correct

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Question 3 of 20

3. Question
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.
- True
- False
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Question 4 of 20

4. Question
There are no monthly maintenance fees or asset-based fees for a STABLE Kentucky account.
- True
- False
Correct

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Question 5 of 20

5. Question
STABLE Kentucky is administered by the Kentucky State Treasurer’s Office and is offered to Kentucky residents through the Ohio STABLE Program.
- True
- False
Correct

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Question 6 of 20

6. Question
Upon the death of the account owner/beneficiary, Medicaid can ask for a payback but there are these protections:
- a. Medicaid payback is only from date the account was opened
- b. Pay any outstanding bills for Qualified Disability Expenses
- c. Pay for funeral and burial expense
- a, b and c
- None of the above
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Question 7 of 20

7. Question
A STABLE Kentucky account:
- a. is owned by the individual with a disability
- b. may qualify for tax free earnings at both the Federal and State level if funds are spent on qualified disability expenses
- c. can be opened by people with disabilities who live outside of Kentucky
- a and b
- a, b and c
Correct

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Question 8 of 20

8. Question
If a beneficiary is employed, he/she may contribute an additional $12,760 annually to a STABLE account.
- True
- False
Correct

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Question 9 of 20

9. Question
To be eligible to open a STABLE Kentucky account, a person must be:
- A Kentucky resident whose disability occurred before the age of 26
- Eligible to receive SSI or SSDI due to a disability
- Have a condition listed on the Social Security Administration’s “List of Compassionate Allowances Conditions”
- Self-certification
- All of the above
Correct

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Question 10 of 20

10. Question
Enrollment in a STABLE Kentucky account is done on line, requires an email account and a $50 minimum opening deposit.
- True
- False
Correct

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Question 11 of 20

11. Question
An Authorized Legal Representative can be a:
- a. Representative Payee
- b. Special Needs Trustee
- c. Parent, guardian or power of attorney
- a and b
- a, b, and c
Correct

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Question 12 of 20

12. Question
Funding a STABLE Account can be accomplished by an electronic funds transfer (EFT) , check., PayPal or Venmo.
- True
- False
Correct

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Question 13 of 20

13. Question
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.
- True
- False
Correct

Incorrect
Question 14 of 20

14. Question
STABLE accounts have ____________Vanguard mutual funds and ____________ principal-protected FDIC insured option.
- five and two
- four and one
- six and one
- three and five
- None of the above as a STABLE account is just a savings account and there is no possibility of realizing much growth from this kind of account
Correct

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Question 15 of 20

15. Question
The target risk funds (low risk to high risk) are offered through Vanguard and are characterized as:
- a. Growth, moderate growth, conservative growth and income
- b. Aggressive, medium aggressive, not too aggressive and not all aggressive
- c. Extra large, large, medium and small
- d. Roll the dice, hope for the best, wish me luck, and guaranteed
- b and d
Correct

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Question 16 of 20

16. Question
Withdrawals from a STABLE account must be used on “Qualified Disability Expenses.”
- True
- False
Correct

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Question 17 of 20

17. Question
The STABLE program does not make the final determination on whether a particular expense is/is not “Qualified.” The ____________ does.
- Department of Medicaid Services
- Social Security Administration
- Both a and b
- IRS (Internal Revenue Service)
- account owner/beneficiary
Correct

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Question 18 of 20

18. Question
Qualified Disability Expenses must relate to the disability, help maintain or improve health, independence or quality of life and include these categories:
- Housing, rent and basic living expenses
- Education and Assistive Technology
- Health and Wellness
- Financial management and legal fees
- Transportation
- All of these categories
Correct

Incorrect
Question 19 of 20

19. Question
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.
- True
- False
Correct

Incorrect
Question 20 of 20

20. Question
For a person on SSI (Supplemental Security Income):
- Balances over $100,000 count as a resource
- SSI is suspended not terminated
- If you hold on to the money from one calendar month to the next instead of paying for a qualified disability expense, then housing expenditures count as a resource
- All of the above
Correct

Incorrect