Sec. 22. If the employment of an individual by an employer that participates in a medical care savings account program is terminated, the money in the individual’s medical care savings account may continue to be used for the benefit of the individual and the individual’s dependents and remains exempt from taxation as provided under this chapter if, not more than sixty (60) days after the individual’s final day of employment:

(1) the individual transfers the individual’s medical care savings account to a new account administrator; or

(2) the individual requests in writing that the former employer’s account administrator remain the administrator of the individual’s account, and the account administrator agrees to retain the account.

As added by P.L.92-1995, SEC.2 and P.L.93-1995, SEC.2.