INDIVIDUAL MEDICAL SAVINGS ACCOUNT ACT

§7151. Short title

This chapter may be known and cited as "the Individual Medical Savings Account Act."

§7152.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1. Account administrator.__"Account administrator" means:

A.__A financial institution authorized to do business in this State as defined in Title 9-B, section 131, subsection 17-A;

B.__An insurance company authorized to do business in this State pursuant to Title 24-A;

C.__A nonprofit hospital or medical service organization authorized to do business in this State pursuant to Title 24; or

D.__An employer, if the employer has a self-insured health plan that meets the requirements of the federal Employee Retirement Income Security Act of 1974, 29 United States Code, Sections 1001 to 1461, as amended.

2.__Account holder.__"Account holder" means an individual on whose behalf an individual medical savings account is established.

3. Eligible medical expenses.__"Eligible medical expenses" means expenses paid by or on behalf of an account holder for medical care that is described in the Code, Section 213(d). "Eligible medical expenses" includes health insurance premiums and deductibles.

4.__Household.__"Household" means the taxpayer, the taxpayer's spouse and any member of the taxpayer's household for whom the taxpayer is entitled to claim an exemption as a dependent under Part 8.

5.__Individual medical savings account.__"Individual medical savings account" or "account" means a trust created or organized to pay eligible medical expenses.