HB2944 - State Employee Health Savings Account Act

• Creates health savings accounts for eligible state employees beginning in taxable year 2011, with employers required to deposit $2,750 annually into each eligible individual's account.

• Defines eligible individuals as state employees covered by a high deductible health plan with minimum deductibles of $1,000 for self-only coverage or $2,000 for family coverage.

• Allows unused funds in health savings accounts to become the property of the account holder at the end of each taxable year and permits individual contributions up to the amount of the plan deductible.

• Restricts use of account funds to paying qualified medical expenses, purchasing health coverage policies, or paying health insurance for Medicare-eligible individuals (excluding Medicare supplemental policies).

• Prohibits account funds from covering medical expenses already covered by other insurance, including auto insurance, workers' compensation, or other employer-funded health coverage.