2-18-1304 Statewide employee welfare benefit plan established -- health care expense trust accounts -- investment of funds -- account access -- administrative expenses

2-18-1304 . Statewide employee welfare benefit plan established -- health care expense trust accounts -- investment of funds -- account access -- administrative expenses. (1) The department shall establish, through contracted services, a plan under a tax-exempt entity that qualifies as a voluntary employees' beneficiary association trust pursuant to section 501(c)(9) of the Internal Revenue Code, 26 U.S.C. 501(c)(9). The plan must provide participants with individual health care expense trust accounts to pay qualified health care expenses.

(2) The department shall determine what investment vehicles will be offered to plan participants. Each plan participant is entitled to direct the investment of funds in the participant's account among the investment vehicles offered. The department shall provide for a default investment vehicle if a participant fails to direct how funds are to be invested.

(3) At any time after a participant's account has been established, the participant may access funds in the account in a manner prescribed by the department. The funds may be accessed only for the payment of qualified health care expenses and until the funds have been exhausted.

(4) Administrative expenses must be paid by the plan in a manner prescribed by the department.