Taft Approves Buckeye State HSA Law

August 23, 2005 (PLANSPONSOR.com) - New Ohio legislation signed into law by Governor Bob Taft allows companies in the state offering group health insurance to start offering high-deductible health plans linked to health savings accounts (HSAs).

Sub. HB 193 defines “health savings account” and “high deductible health plan” the same as in Section 223 of the Internal Revenue Code, according to Thompson.com. 

The usual limits on copayments allowed to be charged by health insuring corporations do not apply.

According to the report, a separate bill permitting a state income tax deduction for HSA contributions is pending in the Ohio legislature (HB 46).

The HSA measure takes effect November 17.