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Expanding and Improving Health Savings Accounts (HSAs)

This act aims to make Health Savings Accounts (HSAs) more accessible by broadening eligibility and increasing contribution limits. Citizens will have greater flexibility in funding their medical expenses, including health plan premiums, direct medical services, and health care sharing ministry fees.
Key points
More individuals will be eligible for HSAs, regardless of whether they have a high-deductible health plan.
Annual contribution limits to HSAs will significantly increase, allowing for greater health savings.
HSA funds can be used to pay for health plan premiums, insurance, and health care sharing ministry fees.
Periodic fees for medical services from physicians and health care sharing ministry fees will be considered qualified medical expenses.
The penalty for non-qualified HSA distributions will be reduced from 20% to 10%.
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Additional Information
Personalized Care Act of 2023
Print number: HR 4803
Sponsor: Rep. Roy, Chip [R-TX-21]
Process start date: 2023-07-20