Increased Health Savings: New HSA Rules for Everyone
This act increases contribution limits for Health Savings Accounts (HSAs), making it easier to save more for medical expenses. It also expands the list of qualified expenses that can be paid from HSAs and introduces changes to simplify account management, including broader inheritance options.
Key points
Increased contribution limits for HSAs, allowing more money to be saved for future health expenses.
Expanded coverage for HSA-eligible expenses, including direct primary care arrangements, vitamins, dietary supplements, gym memberships, and wearable fitness trackers.
Simplified HSA usage, such as allowing medical expenses incurred before account establishment to be covered and easier correction of administrative errors.
Broader inheritance options for HSA funds, extending to children, parents, and grandparents, providing greater flexibility in managing savings after the account holder's death.
Bankruptcy protection for HSA funds, treating them similarly to retirement funds.
Expired
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