SB 1950 Summary

• Amends Section 1375 of the Oklahoma Statutes to clarify language regarding health savings accounts (HSAs) created under the Health Savings Account Act.

• Requires the State and Education Employees Group Insurance Board to make HSAs available through a high deductible health plan for all eligible employees.

• Changes the term "established" to "created" when referring to HSAs defined in Section 6060.14 of Title 36 of the Oklahoma Statutes.

• Requires employees who elect to participate in a high deductible health plan to establish an HSA as defined in Section 223 of the Internal Revenue Code and provide confirmation to the Board before coverage becomes effective.

• Effective date: November 1, 2010.