HEALTH SAVINGS ACCOUNT ACT

Creates the State Employee Health Savings Account Act. Provides that "eligible individual" has the same meaning as "employee" as that term is defined in the State Employees Group Insurance Act of 1971. Provides that, beginning in taxable year 2011, each employer shall make available to each eligible individual a health savings account program. Provides that an employer shall deposit $2,750 annually into an eligible individual's health savings account. Unused funds in a health savings account shall become the property of the account holder at the end of a taxable year. Provides that a trustee or custodian must use the funds held in a health savings account solely (i) for the purpose of paying the qualified medical expenses of the eligible individual or his or her dependents, (ii) to purchase a health coverage policy, certificate, or contract or (iii) to pay for health insurance other than a Medicare supplemental policy for those who are Medicare eligible. Makes other changes.