§ 191.1603 — Definitions.

Missouri § 191.1603

• Jurisdiction: Missouri
• Title XII: PUBLIC HEALTH AND WELFARE
• Ch. 191: Health and Welfare

Text

As used in sections 191.1601 to 191.1607 , the following terms mean:

(1) "Account holder" , an individual who establishes an account with a financial institution that is designated as a long-term dignity savings account in accordance with section 191.1604 ;

(2) "Department" , the department of revenue;

(3) "Eligible expenses" , the same meaning as qualified long-term care services in 26 U.S.C. Section 7702B(c);

(4) "Financial institution" , any state bank, state trust company, savings and loan association, federally chartered credit union doing business in this state, credit union chartered by the state of Missouri, national bank, broker-dealer, mutual fund, insurance company, or other similar financial entity qualified to do business in this state;

(5) "Long-term dignity savings account" or "account" , an account with a financial institution designated as such in accordance with subsection 1 of section 191.1604 ;

(6) "Qualified beneficiary" , an individual designated by an account holder for whose eligible expenses the moneys in a long-term dignity savings account are or will be used; provided, that such individual meets the definition of a chronically ill individual in 26 U.S.C. Section 7702B(c)(2) at the time the moneys are used.

Legislative History

(L. 2020 H.B. 1682)