Ohio Code 3924.62 – Opening of medical savings account
(A) A medical savings account may be opened by or on behalf of any natural person, to pay the person’s eligible medical expenses and the eligible medical expenses of that person’s spouse or dependent. A medical savings account may be opened by or on behalf of a person only if that person participates in a sickness or accident insurance plan, a plan offered by a health insuring corporation organized under Chapter 1751 of the Revised Code, or a self-funded, employer-sponsored health benefit plan established pursuant to the “Employee Retirement Income Security Act of 1974,” 88 Stat. 832, 29 U.S.C.A. 1001, as amended. While the medical savings account is open, the account holder shall continue to participate in such a plan.
Terms Used In Ohio Code 3924.62
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dependent: A person dependent for support upon another.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
(B) A person who refuses to participate in a policy, plan, or contract of health coverage that is funded by the person’s employer, and who receives additional monetary compensation by virtue of refusing that coverage, may not open a medical savings account unless the medical savings account also is sponsored by the person’s employer.