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(1) "Account administrator" means any of the following:
(a) a depository institution as defined in Section 7-1-103;
(b) a trust company as defined in Section 7-1-103;
(c) an insurance company authorized to do business in this state under this title;
(d) a third party administrator licensed under Section 31A-25-203; and
(e) an employer if the employer has a self-insured health plan under ERISA.
(2) "Account holder" means the resident individual who establishes a medical care savings account or for whose benefit a medical care savings account is established.
(3) "Deductible" means the total deductible for an employee and all the dependents of that employee for a calendar year.
(4) "Dependent" means the same as "dependent" under Section 31A-30-103.
(5) "Eligible medical expense" means an expense paid by the taxpayer for:
(a) medical care described in Section 213(d), Internal Revenue Code;
(b) the purchase of a health coverage policy, certificate, or contract, including a qualified higher deductible health plan; or
(c) premiums on long-term care insurance policies as defined in Section 31A-1-301.
(6) "Employee" means the individual for whose benefit or for the benefit of whose dependents a medical care savings account is established. Employee includes a self-employed individual.
(7) "ERISA" means the Employee Retirement Income Security Act of 1974, Public Law 93-406, 88 Stat. 829.
(8) "Higher deductible" means a deductible of not less than $1,000.
(9) "Medical care savings account" or "account" means a trust account established at a depository institution in this state pursuant to a medical care savings account program to pay the eligible medical expenses of:
(a) an employee or account holder; and
(b) the dependents of the employee or account holder.
(10) "Medical care savings account program" or "program" means one of the following programs:
(a) a program established by an employer in which the employer:
(i) purchases a qualified higher deductible health plan for the benefit of an employee and the employee's dependents; and
(ii) contributes on behalf of an employee into a medical care savings account; or
(b) a program established by an account holder in which the account holder:
(i) purchases a qualified higher deductible health plan for the benefit of the account holder and the account holder's dependents; and
(ii) contributes an amount to the medical care savings account.
(11) "Qualified higher deductible health plan" means a health coverage policy, certificate, or contract that:
(a) provides for payments for covered benefits that exceed the higher deductible; and
(b) is purchased by:
(i) an employer for the benefit of an employee for whom the employer makes deposits into a medical care savings account; or