Sec. 0.1. (a) The addition of this chapter by P.L.92-1995 applies to taxable years beginning after December 31, 1995. (b) The addition of this chapter by P.L.93-1995 applies to taxable years beginning after December 31, 1995. As added by P.L.220-2011, SEC.162.
Sec. 1. As used in this chapter, “deductible” means the total deductible for an employee and all dependents of the employee for a calendar year. As added by P.L.92-1995, SEC.2 and P.L.93-1995, SEC.2.
Sec. 10. (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, […]
Sec. 11. (a) A medical care savings account program established by an employer under this chapter may allow an employee to contribute money to the medical care savings account established for the employee. However, an employee may not contribute an amount larger than necessary to make the balance in the account equal the deductible. (b) […]
Sec. 11.5. If an employer contributes money to an account under this chapter after December 31, 2015, for which no exemption applies under IC 6-3-2-18(c) and for which no exemption or exclusion applies under the Internal Revenue Code at the time of contribution: (1) the money may be withdrawn from the account by the employee […]
Sec. 12. The following may be an account administrator under this chapter: (1) A federal or state chartered: (A) bank; (B) savings association; (C) savings bank; or (D) credit union. (2) A trust company authorized to act as a fiduciary. (3) An insurance company or a health maintenance organization authorized to do business in Indiana […]
Sec. 13. An account administrator shall use the funds held in a medical care savings account exclusively for the purpose of paying the eligible medical expenses of the employee or the employee’s dependents. As added by P.L.92-1995, SEC.2 and P.L.93-1995, SEC.2.
Sec. 14. (a) Funds held in a medical care savings account shall not be used to cover medical expenses of the employee or the employee’s dependents that are otherwise covered. (b) Medical expenses that are “otherwise covered” for the purposes of this section include expenses covered by: (1) an automobile insurance policy; (2) a workers’ […]
Sec. 15. If an employee submits documentation to the account administrator concerning eligible medical expenses that the employee has incurred and paid for medical care for the employee or a dependent of the employee, the account administrator shall reimburse the employee from the employee’s account for the eligible medical expenses paid by the employee. As […]
Sec. 16. An employer that makes contributions to a medical care savings account program on a periodic installment basis may advance to an employee, interest free, an amount necessary to cover unpaid eligible medical expenses that exceed the amount in the employee’s medical care savings account if the employee agrees to repay the advance: (1) […]
Sec. 17. (a) An employee may, under this section, withdraw money from the employee’s medical care savings account for a purpose other than the purposes set forth in section 13 of this chapter. (b) Except as provided in sections 11(b) and 11.5 of this chapter, if an employee withdraws money from the employee’s medical care […]
Sec. 18. (a) For the purposes of section 17(b) of this chapter, an account administrator that begins to administer a medical care savings account shall, in writing, notify the employee for whose benefit the account was established of the date of the last business day of the administrator’s business year. (b) The notice required by […]
Sec. 19. Money in a medical care savings account established under this chapter is exempt from execution under IC 34-55-10-2. As added by P.L.92-1995, SEC.2 and P.L.93-1995, SEC.2. Amended by P.L.1-1998, SEC.85.
Sec. 2. As used in this chapter, “dependent” means any of the following: (1) The spouse of an employee. (2) An employee’s child who is one (1) of the following: (A) Less than nineteen (19) years of age. (B) Less than twenty-three (23) years of age and enrolled as a full-time student at an accredited […]
Sec. 20. (a) This section applies only to an employee who has no dependents who are covered under the medical care savings account established for the benefit of the employee. (b) Upon the death of the employee for whose benefit a medical care savings account was established, the account administrator shall distribute the principal and […]
Sec. 21. If an individual: (1) who was employed by an employer that participated in a medical care savings account program; and (2) whose employment was terminated; becomes employed with a different employer that participates in a medical care savings account program, the individual may transfer the medical care savings account that was established for […]
Sec. 22. If the employment of an individual by an employer that participates in a medical care savings account program is terminated, the money in the individual’s medical care savings account may continue to be used for the benefit of the individual and the individual’s dependents and remains exempt from taxation as provided under this […]
Sec. 23. (a) This section applies when the employment of an individual by an employer that participates in a medical care savings account program is terminated. (b) If the former employer is not informed, within ninety (90) days after the former employee’s final day of employment, of the name and address of an account administrator […]
Sec. 24. (a) This section applies if an individual: (1) whose employer participates in a medical care savings account program; and (2) who has one (1) or more dependents who are covered under the account established for the benefit of the individual; dies. (b) After the death of an individual described in subsection (a), the […]
Sec. 25. (a) The insurance commissioner appointed under IC 27-1-1-2 and the department of state revenue may adopt rules under IC 4-22-2 necessary to implement this chapter. (b) The rules adopted under this section must include a procedure for the adjustment of figures required by sections 5 and 10 of this chapter. As added by […]
