§ 6-8-11-10 — Requirements

Indiana § 6-8-11-10

• Jurisdiction: Indiana
• Art. 8: MISCELLANEOUS
• Ch. 11: Employee Medical Care Savings Account Plans

Text

(a) A medical care savings account program
established by an employer under this chapter must include all of the
following:
(1) The purchase by the employer of a qualified higher deductible
health plan for the benefit of one (1) or more employees and
dependents of the employees.
(2) The contribution by the employer, and the deposit into the
medical care savings account established on behalf of each
employee, of all or part of the difference between:
(A) the cost to the employer of purchasing a qualified higher
deductible health plan for the benefit of the employee; and
(B) the cost previously incurred by the employer to pay the
eligible medical expenses of the employee through a health
coverage policy, certificate, or contract.
(3) The designation of an account administrator to administer the
medical care savings accounts of employees.
(b) Notwithstanding subsection (a)(2), if an employer, before
establishing a medical care savings account program under this
chapter, did not pay the eligible medical expenses of the employer's
employees through a health coverage policy, certificate, or contract, the
employer may contribute all or part of the deductible of the qualified
higher deductible health plan purchased by the employer to establish
the medical care savings account program.
(c) The contribution under subsection (b) must not exceed the
following:
(1) For 1996, five thousand dollars ($5,000).
(2) For calendar years after 1996, the figure set forth in
subdivision (1), adjusted under subsection (d).
(d) The adjustments referred to in subsection (c):
(1) may reflect increases in the general level of prices since 1995;
and
(2) must be based on:
(A) the Consumer Price Index updated monthly by the Bureau
of Labor Statistics of the United States Department of Labor; or
(B) other figures issued by the government of the United States
to indicate increases in the general level of prices in the United
States.

Legislative History

As added by P.L.92-1995, SEC.2 and P.L.93-1995, SEC.2. Amended by P.L.66-1996, SEC.1.