New York health care savings act establishes health care savings accounts for state residents to save for qualified health care expenses.

The New York health care savings act establishes the New York state health care savings program, allowing residents to save money for qualified health care expenses. Contributions can be made by account owners or taxpayers electing to contribute tax refunds. Accounts can be opened by individuals or fiduciaries for designated beneficiaries, who can be changed under certain conditions. The program is managed by financial organizations selected by the comptroller, who also sets maximum account balances. Distributions are tax-exempt if used for qualified health care expenses.

New York health care savings act establishes health care savings accounts for state residents to save for qualified health care expenses.

The New York health care savings act establishes the New York state health care savings program, allowing residents to save money for qualified health care expenses. Contributions can be made by account owners or taxpayers electing to contribute tax refunds. Accounts can be opened by individuals or fiduciaries for designated beneficiaries, who can be changed under certain conditions. The program is managed by financial organizations selected by the comptroller, who also sets maximum account balances. Distributions are tax-exempt if used for qualified health care expenses.