Easier Access to Health Savings Accounts (HSA) for More Americans
This act introduces changes to make Health Savings Accounts (HSAs) more accessible to a wider range of individuals. It expands eligibility for veterans, those entitled to Medicare Part A, and individuals using Indian Health Service programs. The goal is to increase flexibility and availability of HSAs, potentially impacting personal financial management for healthcare.
Key points
More individuals, including certain veterans and those eligible for Medicare Part A, can contribute to HSAs.
Bronze and Catastrophic health plans will now qualify as high-deductible health plans for HSA eligibility.
Allows for a safe harbor for mental health services, meaning up to $500 can be covered without a deductible.
Increases the maximum HSA contribution limit to match the deductible and out-of-pocket maximums.
Medical expenses incurred up to 60 days before an HSA is established can now be reimbursed.
Both spouses can make catch-up contributions to the same HSA under family coverage.
Clarifies that long-term care services are qualified medical expenses for HSA distributions.
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