a senior health planning account, the individual on whose behalf such account was established. (2) Senior health planning account The term senior health planning account means a trust created or organized in the United States as a senior health planning account, but only if the written governing instrument creating the trust meets the following requirements: (A) No contribution will be accepted unless it is in cash and in consideration of the sale or assignment of any portion of the death benefits under a life insurance contract on the life of the account beneficiary. (B) The trustee is a bank (as defined in section 408(n)), an insurance company (as defined in section 816), or another person who demonstrates to the satisfaction of the Secretary that the manner in which such person will administer the trust will be consistent with the requirements of this section. (C) No part of the trust assets will be invested in life insurance contracts. (D) The assets of the trust will not be commingled with other property except in a common trust fund or common investment fund. (E) The interest of an individual in the balance in his account is nonforfeitable. (3) Qualified health care expenses The term qualified health care expenses means, with respect to an account beneficiary, amounts paid by such beneficiary for medical care (as defined in section 213(d)) for such individual and the spouse of such individual, but only to the extent such amounts are not compensated for by insurance or otherwise. . (b) Clerical amendment The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139G the following new item: Sec. 139H. Senior health planning account. . (c) Effective date The amendments made by this subsection shall apply with respect to sales or assignments of life insurance contracts after the date of enactment of this Act. (d) Reports The Secretary may require the trustee of a senior health planning account to make such reports regarding such