SB 1147
Provides a tax deduction for individuals that make qualifying contributions to health savings accounts and allows insurers to issue high deductible health policies in conjunction with health savings accounts
LR Number:
Last Action:
3/2/2006 - Second Read and Referred S Pensions, Veterans' Affairs and General Laws Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2006

Current Bill Summary

SB 1147 - Under this act, an individual taxpayer shall be allowed a deduction from Missouri adjusted gross income for the contributions he or she makes to a health savings account to the extent that the taxpayer was not deducted on the taxpayer's federal income tax return.

This act provides that a health insurance policy that otherwise qualifies as a high deductible plan under federal law, when offered in conjunction with a health savings account, shall not be subject to any provision of law that restricts or limits deductibles for mandated minimum health insurance benefits or reimbursements except to the extent such provision mandates benefits for preventive care, as determined by the standards set forth by the Internal Revenue Service. The act also provides that any health carrier may offer a high deductible health plan that would qualify for and may be offered in conjunction with a health savings account under federal law. The act requires health carriers that offer high deductible health plans to provide annual surveys to the department of insurance. The surveys shall contain information regarding the policyholders who utilize high deductible health plan.