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New Health Accounts: More Freedom and Tax Benefits

This bill introduces "health freedom accounts" to replace existing health savings accounts. The changes aim to make these accounts accessible to everyone, increase contribution limits, and broaden the types of expenses that can be covered. Citizens will gain greater flexibility in managing their healthcare funds.
Key points
All individuals will be able to open health freedom accounts, regardless of their specific insurance plan.
The annual contribution limit for these accounts will increase to $12,000 ($24,000 for joint filers), with an additional $5,000 for individuals aged 55 and older.
Funds from these accounts can be used for a wider range of services, including direct primary care and medical cost-sharing programs.
Employers will be able to contribute tax-free to employees' health freedom accounts, potentially changing how healthcare benefits are funded in the future.
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Additional Information
Healthcare Freedom Act of 2023
Print number: HR 1769
Sponsor: Rep. Roy, Chip [R-TX-21]
Process start date: 2023-03-23