Kansas SB25 establishes insurance savings accounts for individuals and corporations to pay eligible insurance expenses.
Kansas SB25, known as the insurance savings account act, allows individuals and corporations to establish accounts with financial institutions to pay or reimburse eligible insurance expenses. Eligible expenses include insurance premiums and deductibles. Contributions are capped at $6,000 for individuals and $12,000 for married couples filing jointly, with corporations allowed up to $25,000. The act exempts financial institutions from tracking account use or reporting to the Department of Revenue. The commissioner of insurance may market the program.
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