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§ 15-145. Establishment of health savings accounts

West's Annotated Code of MarylandInsuranceEffective: May 8, 2020

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 15. Health Insurance
Subtitle 1. General Provisions (Refs & Annos)
Effective: May 8, 2020
MD Code, Insurance, § 15-145
§ 15-145. Establishment of health savings accounts
Definitions
(a)(1) In this section the following words having the meanings indicated.
(2) “Health savings account” has the meaning stated in § 223 of the Internal Revenue Code.
(3) “High deductible health plan” has the meaning stated in § 223 of the Internal Revenue Code.
Date of establishment
(b) A health savings account is established on the first day that an individual becomes covered by a high deductible health plan.
Time period for opening
(c) The health savings account shall be opened with a trustee or custodian within the time period prescribed by law, without extensions, for filing a federal income tax return for the year in which the health savings account is established.
Formal requirements
(d) A health savings account is established regardless of a transfer of cash or other property to the account and, unless required by the trustee or custodian, it is not necessary for any party to sign a health savings account trust or custodial agreement regarding the health savings account.

Credits

Added by Acts 2020, c. 616, § 1, eff. May 8, 2020; Acts 2020, c. 617, § 1, eff. May 8, 2020.
MD Code, Insurance, § 15-145, MD INSURANCE § 15-145
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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