(1) Each employer shall be permitted to offer voluntarily the following programs: (a) Continued coverage under the employer's existing health coverage policy, certificate or contract; or (b) Participation in a medical savings account program. (2) An employer that previously did not provide an accident and health insurance policy, certificate or contract for his or her employees may establish a medical savings account program. In this case, the premium reduction referred to in Section 71-9-3(j)(ii) shall be based on the cost of similar coverage with a Five Hundred Dollar ($500.00) deductible. (3) A resident individual may establish a medical savings account for the benefit of himself or herself and his or her dependents. Contributions to a medical savings account established by a resident individual for a tax year shall not exceed the allowable deductible for a qualified higher deductible health plan. (4) Except as otherwise provided by law, the principal contributed and the interest earned on a medical savings account shall be excluded from the taxable gross income of the account holder under Section 27-7-15 . Laws, 1994, ch. 468, § 3; reenacted without change, Laws, 1997, ch. 606, § 5, eff. 4/24/1997. (1) Each employer shall be permitted to offer voluntarily the following programs: (a) Continued coverage under the employer's existing health coverage policy, certificate or contract; or (b) Participation in a medical savings account program. (2) An employer that previously did not provide an accident and health insurance policy, certificate or contract for his or her employees may establish a medical savings account program. In this case, the premium reduction referred to in Section 71-9-3(j)(ii) shall be based on the cost of similar coverage with a Five Hundred Dollar ($500.00) deductible. (3) A resident individual may establish a medical savings account for the benefit of himself or herself and his or her dependents. Contributions to a medical savings account established by a resident individual for a tax year shall not exceed the allowable deductible for a qualified higher deductible health plan. (4) Except as otherwise provided by law, the principal contributed and the interest earned on a medical savings account shall be excluded from the taxable gross income of the account holder under Section 27-7-15 . Laws, 1994, ch. 468, § 3; reenacted without change, Laws, 1997, ch. 606, § 5, eff. 4/24/1997. (1) Each employer shall be permitted to offer voluntarily the following programs: (a) Continued coverage under the employer's existing health coverage policy, certificate or contract; or (b) Participation in a medical savings account program. (2) An employer that previously did not provide an accident and health insurance policy, certificate or contract for his or her employees may establish a medical savings account program. In this case, the premium reduction referred to in Section 71-9-3(j)(ii) shall be based on the cost of similar coverage with a Five Hundred Dollar ($500.00) deductible. (3) A resident individual may establish a medical savings account for the benefit of himself or herself and his or her dependents. Contributions to a medical savings account established by a resident individual for a tax year shall not exceed the allowable deductible for a qualified higher deductible health plan. (4) Except as otherwise provided by law, the principal contributed and the interest earned on a medical savings account shall be excluded from the taxable gross income of the account holder under Section 27-7-15 . Laws, 1994, ch. 468, § 3; reenacted without change, Laws, 1997, ch. 606, § 5, eff. 4/24/1997. (1) Each employer shall be permitted to offer voluntarily the following programs: (a) Continued coverage under the employer's existing health coverage policy, certificate or contract; or (b) Participation in a medical savings account program. (a) Continued coverage under the employer's existing health coverage policy, certificate or contract; or (b) Participation in a medical savings account program. (2) An employer that previously did not provide an accident and health insurance policy, certificate or contract for his or her employees may establish a medical savings account program. In this case, the premium reduction referred to in Section 71-9-3(j)(ii) shall be based on the cost of similar coverage with a Five Hundred Dollar ($500.00) deductible. (3) A resident individual may establish a medical savings account for the benefit of himself or herself and his or her dependents. Contributions to a medical savings account established by a resident individual for a tax year shall not exceed the allowable deductible for a qualified higher deductible health plan. (4) Except as otherwise provided by law, the principal contributed and the interest earned on a medical savings account shall be excluded from the taxable gross income of the account holder under Section 27-7-15 . Laws, 1994, ch. 468, § 3; reenacted without change, Laws, 1997, ch. 606, § 5, eff. 4/24/1997.
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