Termination of employment
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.
Last modified: May 28, 2006