Franson bill protects healthcare savings
Governor Mark Dayton signed into law a bill authored by Rep. Mary Franson, R-Alexandria, to protect health savings accounts from creditors and bankruptcy trustees.
Before Dayton signed the bill on May 3, the legislation was approved unanimously by both the House and Senate.
While other properties were protected by Minnesota state exceptions, statute provided no protections for healthcare savings. The new law changes this by protecting up to $25,000 in health savings accounts from creditors and bankruptcy trustees.
"With health savings accounts becoming increasingly common in recent years, it's important that we were able to do the right thing and ensure the money people are saving for healthcare expenses is protected," said Franson. "I am glad to see that this is now law in Minnesota, and I want to thank my colleagues in the Legislature and the governor for their support."
— Echo Press staff report