§ 39-22-504.6 — Definitions

Colorado § 39-22-504.6

• Jurisdiction: Colorado
• Title 39: Taxation
• Art.: Income Tax

Text

As used in sections 39-22-504.5 to 39-22-504.7,
unless the context otherwise requires:

(1) Account administrator means:

(a) A state chartered bank, savings and loan association, credit union, or
trust company authorized to act as a fiduciary and under the supervision of the
financial institutions bureau of the United States department of commerce;

(b) A national banking association, federal savings and loan association, or
credit union authorized to act as a fiduciary in this state;

(c) An insurance company; or

(d) An employer if such employer maintains a self-insured health plan
meeting the requirements of the federal Employee Retirement Income Security
Act of 1974, as amended.

(1.3) Account holder means an employee on whose behalf a medical
savings account is established.

(2) Dependent child means any person who is:

(a) Under the age of twenty-one years;

(b) Legally entitled to or the subject of a court order for the provision of
proper or necessary subsistence, education, medical care, or any other care
necessary for his or her health, guidance, or well-being and who is not otherwise
emancipated, self-supporting, married, or a member of the armed forces of the
United States; or

(c) So mentally or physically incapacitated that he or she cannot provide for
himself or herself.

(2.4) Eligible medical expense means any medical expense that is
deductible for purposes of section 213 (d) of the internal revenue code.

(2.5) Employee means the individual for whose benefit a medical savings
account is established.

(2.6) Employer means a person or entity employing one or more persons in
this state, excluding the federal government.

(3) Medical savings account means an account established to pay the
eligible medical expenses of an account holder and his or her spouse and
dependent children, if any.

(3.5) Qualified higher deductible health plan means a health coverage
policy, certificate, or contract that provides for the payment of covered benefits
that exceed the deductible, which shall be at least one thousand five hundred
dollars but no more than two thousand two hundred fifty dollars for individual
coverage or at least three thousand dollars but no more than four thousand five
hundred dollars for family coverage, and that is purchased by an employer for the
benefit of an employee who makes deposits into a medical savings account.

(4) (Deleted by amendment, L. 94, p. 2840, � 7, effective January 1, 1995.)

Legislative History

Source: L. 86: Entire section added, p. 1121, � 1, effective June 23. L. 88: (4) amended, p. 419, � 16, effective April 11. L. 89: (4) amended, p. 622, � 19, effective July 1. L. 94: Entire section amended, p. 2840, � 7, effective January 1, 1995. L. 2000: (3.5) amended, p. 172, � 2, effective January 1, 2001.