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.
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Terms Used In Indiana Code 6-8-11-11
- account: means an account established in Indiana under a medical care savings account program to pay the eligible medical expenses of an employee and dependents of the employee. See Indiana Code 6-8-11-6
- deductible: means the total deductible for an employee and all dependents of the employee for a calendar year. See Indiana Code 6-8-11-1
- employee: means the individual:
Indiana Code 6-8-11-4
(1) the money may be withdrawn from the account by the employee at any time and for any purpose without a penalty;
(2) the withdrawal of the money by the employee is not income to the employee that is subject to taxation under IC 6-3-1 through IC 6-3-7; and
(3) income earned on the money while it is in the account is not income to the employee that is subject to taxation under IC 6-3-1 through IC 6-3-7.
As added by P.L.92-1995, SEC.2 and P.L.93-1995, SEC.2.
