Health Savings Act: Expanded Access and Flexibility for HSAs
This act aims to improve access to and flexibility of Health Savings Accounts (HSAs). It introduces changes that allow for broader use of these accounts to cover healthcare costs, including certain fitness and supplement expenses, and simplifies their establishment and management.
Key points
Renaming high deductible health plans to "HSA-qualified health plans" to clarify their connection with HSAs.
Allowing both spouses to make catch-up contributions to the same HSA account, increasing savings potential for families.
Expanding HSA eligibility for individuals covered by Indian Health Service programs, health care sharing ministries, and those using direct primary care services.
Permitting HSA funds to be used for purchasing certain health insurance, including HSA-qualified plans and some Medicare plans.
Including certain exercise equipment, fitness programs, dietary supplements, and primary care provider fees in the definition of "medical care" for tax purposes, potentially allowing for tax deductions or HSA coverage.
Increasing the maximum HSA contribution limit to the amount of the deductible and out-of-pocket limitation, enabling greater savings.
Providing bankruptcy protections for HSAs, treating them similarly to retirement funds, enhancing the security of saved funds.
Expired
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