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§ 71-9-5. Authority to establish medical savings account; limits on deductible amounts contributed to account; interest earned on account excluded from gross income

MS Code § 71-9-5 (2019) (N/A)
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(1) Each employer shall be permitted to offer voluntarily the following programs:

(a) Continued coverage under the employer’s existing health coverage policy, certificate or contract; or

(b) Participation in a medical savings account program.

(2) An employer that previously did not provide an accident and health insurance policy, certificate or contract for his or her employees may establish a medical savings account program. In this case, the premium reduction referred to in Section 71-9-3(j)(ii) shall be based on the cost of similar coverage with a Five Hundred Dollar ($500.00) deductible.

(3) A resident individual may establish a medical savings account for the benefit of himself or herself and his or her dependents. Contributions to a medical savings account established by a resident individual for a tax year shall not exceed the allowable deductible for a qualified higher deductible health plan.

(4) Except as otherwise provided by law, the principal contributed and the interest earned on a medical savings account shall be excluded from the taxable gross income of the account holder under Section 27-7-15.

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§ 71-9-3. Definitions
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§ 71-9-7. Use of funds in account; distribution of funds in account upon death of account holder