Corporations Commissioner Announces Approval of High Deductible Health Plan Contract Intended to Meet Requirements of Federal and State Medical Savings Account Legislation.SACRAMENTO, Calif.--(BUSINESS WIRE)--Jan. 13, 1997--Commissioner of Corporations Keith Paul Bishop You may also be looking for Paul Bishop (actor) Paul Bishop is an author. He currently lives in Los Angeles, California. He worked on the Los Angeles Police Department before becoming a writer. today announced approval of the first health plan contract intended to meet the requirements of Federal and California legislation governing medical savings accounts. California Physicians' Service (Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. ) is the first health plan contract approved by the Department. Subject to limitations on eligibility and amounts, funds contributed to Medical Savings Accounts are tax deductible and are to be used for qualified medical expenses. One requirement of eligibility is that an individual be covered by a "high deductible plan" such as that approved today. Interest earned on contributions is also tax-free. Medical Savings Accounts were authorized by the federal Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act (HIPAA) was enacted by the U.S. Congress in 1996. According to the Centers for Medicare and Medicaid Services (CMS) website, Title I of HIPAA protects health insurance coverage for workers and their families when of 1996. Senator Bill Lockyer William Westwood "Bill" Lockyer (born May 8, 1941) is the current State Treasurer of California. Prior to this, he served as California's Attorney General and head of the Department of Justice for the U.S. state of California. and Assembly Member Pringle jointly authored legislation to make conforming changes to state tax law (Chapter 954, Statutes of 1996). A limited number of Medical Savings Accounts may be established nationwide under this demonstration project, beginning Jan. 1, 1997. Commissioner Bishop stated, "It is important that eligible Californians have the opportunity to establish Medical Savings Accounts. We need to look at innovative ways such as this to address the needs of the uninsured in California." "As Commissioner, I intend to see that these type of plan contracts are not misleadingly marketed," said Commissioner Bishop. The Department of Corporations is a regulatory and licensing agency which reports to the Business, Transportation and Housing Agency, and to Governor Pete Wilson For others named Pete Wilson, see . Peter Barton Wilson (born August 23, 1933) is an American Republican politician from California. Wilson served as the thirty-sixth Governor of California (1991–1999), the culmination of more than three decades in the public arena that . CONTACT: Department of Corporations, Health Care Division Gary G. Hagen, 213/736-2776 Julie Stewart Julie A. Stewart is a Canadian actress. Julie Stewart studied acting in Montreal at the National Theatre School of Canada and now makes her home in Toronto. She was the star of the Canadian television series Cold Squad. , 916/323-5485 |
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