Health Savings Act 2023: Expanded Access and Tax Benefits
This act aims to facilitate access to Health Savings Accounts (HSAs) and expand their utilization. Changes include new contribution rules, an expanded list of qualified medical expenses, and additional protections for funds held in these accounts. This empowers citizens with greater control over their healthcare spending and allows them to benefit from tax advantages.
Key points
Allows both spouses to make catch-up contributions to the same HSA account, increasing potential healthcare savings.
Expands the definition of qualified medical expenses to include exercise equipment, fitness programs, dietary supplements, and direct primary care fees, allowing broader use of HSA funds.
Increases the maximum contribution limit to an HSA to the amount of the deductible and out-of-pocket limitation, enabling larger savings for future health needs.
Provides HSAs with the same bankruptcy protections as retirement funds, enhancing the security of accumulated savings.
Permits the transfer of unused funds from Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) to HSAs, offering greater flexibility in managing healthcare finances.
Expired
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