Expanding and Improving Health Savings Accounts (HSAs)
This act aims to make it easier for citizens to save for medical expenses by expanding the use of Health Savings Accounts (HSAs). It increases contribution limits and allows more medical services to be paid for from these accounts, which can help manage healthcare costs.
Key points
More individuals will be eligible for HSAs, including those covered by Medicare, Medicaid, CHIP, TRICARE, and participants in healthcare sharing ministries.
Annual contribution limits to HSAs will significantly increase, allowing more money to be saved for future medical expenses.
HSA funds can be used to pay for health insurance premiums and fees for medical services provided under fixed agreements with doctors (e.g., direct primary care).
The penalty for non-qualified HSA withdrawals will be reduced from 20% to 10%.
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