145-4-40 401(h) retiree medical account.

 

 

 

145-4-40                      401(h)Wellness retiree medical account.

 

 

 

(A)    A 401(h)wellness retiree medical account under this rule shall be invested by the public employees retirement board with other funds held in the 401(h) accountwithin the health care fund. For balances held in each 401(h)wellness retiree medical account for calendar years prior to and ending on December 31, 2014, interest or other earnings shall be credited at a rate and at such intervals as determined by the board. On and after January 1, 2015, 401(h)wellness retiree medical accounts shall not earn interest or other earnings. An administrative fee may be assessed against a 401(h)wellness retiree medical account as determined by the board.

 

(B)     A 401(h)wellness retiree medical account established under this rule shall be available solely for the payment of the qualified medical expenses of a benefit recipient or eligible dependent.

 

(C)    Payment or reimbursement of a qualified medical expense shall occur only after submission of a claim and approval pursuant to rule 145-4-42 of the Administrative Code. Payment of a qualified medical expense shall occur only by payment of a premium for health care coverage. Reimbursement of a qualified medical expense shall occur by direct payment to the benefit recipient. Payment or reimbursement is limited to expenses not paid by social security, medicare, or any other medical and health insurance coverage held by the benefit recipient or eligible dependent, or their employers. Payment or reimbursement may not be made for qualified medical expenses that are deductible by the benefit recipient under any other section of the Internal Revenue Code.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

145-4-40                                                                                                                                2

Effective:                                                             07/01/2016

CERTIFIED ELECTRONICALLY

Certification

06/15/2016

Date

Promulgated Under:                           111.15

Statutory Authority:                           145.09, 145.58

Rule Amplifies:                                  145.58, 145.584

Prior Effective Dates:                         1/1/07, 1/1/09, 1/7/13 (Emer.), 3/24/13, 1/1/14, 1/1/15,

1/1/16