Md. Code, Ins. § 15-145

Current with changes from the 2024 Legislative Session
Section 15-145 - Health savings account - high deductible health plan
(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.
(b) A health savings account is established on the first day that an individual becomes covered by a high deductible health plan.
(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.
(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.

Md. Code, IN § 15-145

Added by 2020 Md. Laws, Ch. 617,Sec. 1, eff. 5/8/2020.
Added by 2020 Md. Laws, Ch. 616,Sec. 1, eff. 5/8/2020.