§ 71-9-1. Short title
This chapter shall be known and may be cited as the “Medical Savings Account Act.”
§ 71-9-3. Definitions
As used in this chapter: “Account administrator” means 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 Department of Banking and Consumer Finance or the Department of Savings Associations, as appropriate; a national bank, national lending association or federal […]
§ 71-9-5. Authority to establish medical savings account; limits on deductible amounts contributed to account; interest earned on account excluded from gross income
Each employer shall be permitted to offer voluntarily the following programs: Continued coverage under the employer’s existing health coverage policy, certificate or contract; or Participation in a medical savings account program. An employer that previously did not provide an accident and health insurance policy, certificate or contract for his or her employees may establish a […]
§ 71-9-7. Use of funds in account; distribution of funds in account upon death of account holder
Except as otherwise provided in Section 71-9-9 of this chapter, an account administrator shall use the funds held in a medical savings account solely for the purpose of paying eligible medical expenses of the account holder, or his or her dependent, or to pay for an accident and health insurance policy, certificate or contract if […]
§ 71-9-9. Withdrawals from account by account holder
Unencumbered funds that have accumulated in a medical savings account that are in excess of the higher deductible may be withdrawn by the account holder for purposes other than paying eligible medical expense or procuring health coverage. Money withdrawn pursuant to this section shall be considered gross income as provided in Section 27-7-17, Mississippi Code […]