1. (a)

   1. (1) In this section the following words having the meanings indicated.
   2. (2) “Health savings account” has the meaning stated in § 223 of the Internal Revenue Code.
   3. (3) “High deductible health plan” has the meaning stated in § 223 of the Internal Revenue Code.
2. (b) A health savings account is established on the first day that an individual becomes covered by a high deductible health plan.
3. (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.
4. (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.

Added by Acts 2020, c. 616, § 1, eff. May 8, 2020; Acts 2020, c. 617, § 1, eff. May 8, 2020.