§ 15-145
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/md/insurance/15-145A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§15–145.
(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.