Simplify and Expand Health Savings Accounts (HSAs)
This act aims to make Health Savings Accounts (HSAs) easier to use by increasing contribution limits and broadening the definition of qualified medical expenses. Citizens will be able to save more money for healthcare and use it for a wider range of services, including menstrual care products and direct primary care services. These changes can help manage healthcare costs and increase flexibility in choosing health plans.
Key points
Increased annual HSA contribution limits, depending on the health plan's actuarial value (e.g., up to $10,000 for self-only coverage and $20,000 for family coverage).
Expanded definition of qualified medical expenses to include menstrual care products and direct primary care service arrangements.
Ability to deposit unused premium tax credits directly into a Health Savings Account.
Introduction of a one-time application of the saver's credit to HSA contributions.
Establishment of a grant program for HSA assistance and outreach to increase public awareness and access.
Employer contributions to HSAs can be treated as tax-exempt benefits under certain conditions, potentially encouraging companies to offer these solutions.
HSAs will receive bankruptcy protections, similar to individual retirement accounts (IRAs).
Expired
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