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Senior Health Planning Accounts: Using Life Insurance for Healthcare

This bill creates special savings accounts for seniors. You can put money from selling your life insurance policy into this account. The money in the account can then be used to pay for your healthcare costs without paying extra taxes on those payments.
Key points
Allows using money from selling life insurance policies to pay for healthcare.
Money put into these accounts from life insurance sales gain is not taxed.
Money taken out for qualified healthcare expenses is not taxed.
Money taken out for other reasons is taxed and may have an extra penalty.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_5137
Sponsor: Rep. Higgins, Brian [D-NY-26]
Process start date: 2021-08-31
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Senior Health Planning Account Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5137.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-08-31.

What are the main provisions?

Key points include:

  • Allows using money from selling life insurance policies to pay for healthcare.
  • Money put into these accounts from life insurance sales gain is not taxed.
  • Money taken out for qualified healthcare expenses is not taxed.
  • Money taken out for other reasons is taxed and may have an extra penalty.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Higgins, Brian [D-NY-26].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Health Taxes