Chapter 59A, Article 23D NMSA 1978 may be cited as the “Medical Care Savings Account Act”. History: Laws 1995, ch. 93, § 1; 1997, ch. 243, § 26; 1997, ch. 254, § 1. ANNOTATIONS The 1997 amendment, effective April 11, 1997, substituted “Chapter 59A, Article 23D NMSA 1978” for “Sections 1 through 7 of this […]
As used in the Medical Care Savings Account Act: A. “account administrator” means any of the following that administers medical care savings accounts: (1) a national or state-chartered bank, savings and loan association, savings bank or credit union; (2) a trust company authorized to act as a fiduciary in this state; (3) an insurance company […]
A. An account administrator shall register annually with the department and pay an annual registration fee of twenty-five dollars ($25.00). The registration fee shall be deposited in the general fund. Registration as an account administrator does not affect the regulation of a bank, savings and loan association, credit union, trust company or insurance company as […]
A. Except as otherwise provided by statute, contract or collective bargaining agreement, an employer may establish a medical care savings account program for his employees. B. In establishing the program, the employer shall: (1) provide a qualified higher deductible health plan for the benefit of his employees; (2) contribute to medical care savings accounts for […]
A. An employer, in conjunction with an account administrator, shall provide a current written statement to employees that details how money in their medical care savings accounts is or will be invested and the rate of return employees may reasonably anticipate on the investment of the savings accounts. The account administrator shall file the statement […]
A. An employee may withdraw money without penalty from his medical care savings account for a purpose other than payment of eligible medical expenses when the employee attains the age specified in Section 1811 of the Social Security Act. An employee may also withdraw money without penalty for payment of coverage for: (1) a health […]
A. The superintendent shall report to the legislature on or before December 1, 1999 on the availability of health care coverage pursuant to the Medical Care Savings Account Act and the market share of programs in comparison with traditional employer-provided health insurance programs; the results of a survey of employer and employee satisfaction with programs; […]
