SB 204 Summary

• Requires state employee health plans to offer a federally qualified high deductible health plan as an option under 26 U.S.C. 223 (Internal Revenue Code).

• Mandates that employees selecting the high deductible health plan establish a health savings account administered by a qualified entity selected per collective bargaining agreement or by the Department of Administration.

• Directs the state to fund each employee's health savings account with an amount equal to the state contribution rate minus the high deductible plan's premium cost.

• Establishes that health savings accounts are individually owned, portable across jobs and states, roll over annually, and allow pre-tax dollars to cover qualified medical expenses including preventative care.