The trustee or custodian shall utilize the funds held in a health savings account solely for the purpose of paying the qualified medical expenses of the eligible individual or the individual's dependents, or to purchase a health coverage policy certificate, or contract, if the eligible individual is receiving unemployment compensation, is exercising continuation privileges under federal law, is purchasing a long term care insurance contract, or to pay for health insurance other than a medicare supplemental policy for those who are medicare-eligible. Funds held in a health savings account shall not be used to cover expenses of the eligible individual or the individual's dependents who are otherwise covered, including, but not limited to, medical expense covered pursuant to an automobile insurance policy, workers' compensation insurance policy or self-insured plan, or another employer-funded health coverage policy, certificate, or contract.