§ 38.2-5601. The Virginia Health Savings Account Plan.
A. The Department of Taxation and the Commission shall amend the VirginiaMedical Savings Account Plan prepared pursuant to former § 38.2-5600 in orderto address the provisions of the Medicare Prescription Drug, Improvement, andModernization Act of 2003, P.L. No. 108-173, permitting eligible individualsto establish health savings accounts pursuant to § 223 of the InternalRevenue Code of 1986, as amended, which amended Plan shall be designated asthe Virginia Health Savings Account Plan. The Department of Taxation and theCommission shall present the Virginia Health Savings Account Plan to thechairs of the House Appropriations; Finance; Health, Welfare andInstitutions; and Commerce and Labor Committees and the Senate Finance;Education and Health; and Commerce and Labor Committees by January 1, 2006.Thereafter the Department of Taxation and the Commission shall update thePlan annually and provide copies of such updates to the chairs of suchcommittees.
B. The Virginia Health Savings Account Plan shall, consistent with federallaw authorizing the establishment and use of health savings accounts,identify measures by private and public entities that will increase theutilization and efficacy of health savings accounts by the Commonwealth'sresidents, employers, and providers of health care coverage. The Plan shallinclude recommendations for legislation that would increase theattractiveness of health savings accounts, or eliminate barriers to theiruse, by providing:
1. Definitions of eligible participants;
2. Criteria for accounts, including, but not limited to, such matters astrustees, maximum amounts, and the rollover of balances in medical savingsaccounts to health savings accounts;
3. Measures that would encourage public and private employers to offer, aspart of a cafeteria menu of insurance plans, high-deductible health plansthat would qualify for a health savings account pursuant to § 223 of theInternal Revenue Code of 1986, as amended; and
4. Any other provisions appropriate to maximize the use of health savingsaccounts within the Commonwealth.
C. The Plan shall include a report by the Commission on the availability ofhigh deductible health plans, as defined in § 223 (c) (2) of the InternalRevenue Code of 1986, as amended, in the Commonwealth.
D. The Plan shall include recommendations by the Department of Taxation for asystem of income tax deductions or refundable credits, consistent withfederal law and regulation, for (i) employers who voluntarily contribute totheir employees' health savings accounts, (ii) health care providers whoparticipate in providing care to health savings account holders at a reducedcost or without compensation, and (iii) eligible individuals, as defined in §223 (a) of the Internal Revenue Code of 1986, as amended, who qualify underapplicable federal or state definitions as members of the working poor.
§ 38.2-5601. The Virginia Health Savings Account Plan.
A. The Department of Taxation and the Commission shall amend the VirginiaMedical Savings Account Plan prepared pursuant to former § 38.2-5600 in orderto address the provisions of the Medicare Prescription Drug, Improvement, andModernization Act of 2003, P.L. No. 108-173, permitting eligible individualsto establish health savings accounts pursuant to § 223 of the InternalRevenue Code of 1986, as amended, which amended Plan shall be designated asthe Virginia Health Savings Account Plan. The Department of Taxation and theCommission shall present the Virginia Health Savings Account Plan to thechairs of the House Appropriations; Finance; Health, Welfare andInstitutions; and Commerce and Labor Committees and the Senate Finance;Education and Health; and Commerce and Labor Committees by January 1, 2006.Thereafter the Department of Taxation and the Commission shall update thePlan annually and provide copies of such updates to the chairs of suchcommittees.
B. The Virginia Health Savings Account Plan shall, consistent with federallaw authorizing the establishment and use of health savings accounts,identify measures by private and public entities that will increase theutilization and efficacy of health savings accounts by the Commonwealth'sresidents, employers, and providers of health care coverage. The Plan shallinclude recommendations for legislation that would increase theattractiveness of health savings accounts, or eliminate barriers to theiruse, by providing:
1. Definitions of eligible participants;
2. Criteria for accounts, including, but not limited to, such matters astrustees, maximum amounts, and the rollover of balances in medical savingsaccounts to health savings accounts;
3. Measures that would encourage public and private employers to offer, aspart of a cafeteria menu of insurance plans, high-deductible health plansthat would qualify for a health savings account pursuant to § 223 of theInternal Revenue Code of 1986, as amended; and
4. Any other provisions appropriate to maximize the use of health savingsaccounts within the Commonwealth.
C. The Plan shall include a report by the Commission on the availability ofhigh deductible health plans, as defined in § 223 (c) (2) of the InternalRevenue Code of 1986, as amended, in the Commonwealth.
D. The Plan shall include recommendations by the Department of Taxation for asystem of income tax deductions or refundable credits, consistent withfederal law and regulation, for (i) employers who voluntarily contribute totheir employees' health savings accounts, (ii) health care providers whoparticipate in providing care to health savings account holders at a reducedcost or without compensation, and (iii) eligible individuals, as defined in §223 (a) of the Internal Revenue Code of 1986, as amended, who qualify underapplicable federal or state definitions as members of the working poor.
§ 38.2-5601. The Virginia Health Savings Account Plan.
A. The Department of Taxation and the Commission shall amend the VirginiaMedical Savings Account Plan prepared pursuant to former § 38.2-5600 in orderto address the provisions of the Medicare Prescription Drug, Improvement, andModernization Act of 2003, P.L. No. 108-173, permitting eligible individualsto establish health savings accounts pursuant to § 223 of the InternalRevenue Code of 1986, as amended, which amended Plan shall be designated asthe Virginia Health Savings Account Plan. The Department of Taxation and theCommission shall present the Virginia Health Savings Account Plan to thechairs of the House Appropriations; Finance; Health, Welfare andInstitutions; and Commerce and Labor Committees and the Senate Finance;Education and Health; and Commerce and Labor Committees by January 1, 2006.Thereafter the Department of Taxation and the Commission shall update thePlan annually and provide copies of such updates to the chairs of suchcommittees.
B. The Virginia Health Savings Account Plan shall, consistent with federallaw authorizing the establishment and use of health savings accounts,identify measures by private and public entities that will increase theutilization and efficacy of health savings accounts by the Commonwealth'sresidents, employers, and providers of health care coverage. The Plan shallinclude recommendations for legislation that would increase theattractiveness of health savings accounts, or eliminate barriers to theiruse, by providing:
1. Definitions of eligible participants;
2. Criteria for accounts, including, but not limited to, such matters astrustees, maximum amounts, and the rollover of balances in medical savingsaccounts to health savings accounts;
3. Measures that would encourage public and private employers to offer, aspart of a cafeteria menu of insurance plans, high-deductible health plansthat would qualify for a health savings account pursuant to § 223 of theInternal Revenue Code of 1986, as amended; and
4. Any other provisions appropriate to maximize the use of health savingsaccounts within the Commonwealth.
C. The Plan shall include a report by the Commission on the availability ofhigh deductible health plans, as defined in § 223 (c) (2) of the InternalRevenue Code of 1986, as amended, in the Commonwealth.
D. The Plan shall include recommendations by the Department of Taxation for asystem of income tax deductions or refundable credits, consistent withfederal law and regulation, for (i) employers who voluntarily contribute totheir employees' health savings accounts, (ii) health care providers whoparticipate in providing care to health savings account holders at a reducedcost or without compensation, and (iii) eligible individuals, as defined in §223 (a) of the Internal Revenue Code of 1986, as amended, who qualify underapplicable federal or state definitions as members of the working poor.
