The trustee or custodian shall utilize the funds held in a health savings account solely for the following purposes:
1. To pay the qualified medical expenses of the eligible individual or their dependents; or
2. To purchase a health coverage policy certificate, or contract, if the eligible individual:
a.is receiving unemployment compensation,
b.is exercising continuation privileges under federal law, or
c.is purchasing a long-term care insurance contract; or
3. To pay for health insurance other than a Medicare supplemental policy for those who are Medicare eligible.
Added by Laws 2005, c. 306, § 4, eff. Nov. 1, 2005. Amended by Laws 2007, c. 269, § 3, emerg. eff. June 4, 2007.
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