What is the official ID of this bill?
The official print number for this legislation is S 1158.
Expanding Health Savings Accounts (HSA) Access and Qualified Medical Expenses.
This Act significantly broadens eligibility for Health Savings Accounts (HSAs), allowing more Americans, including those with certain Medicare or Indian Health Service coverage, to save tax-free for medical costs. It increases maximum contribution limits to match the plan's deductible and out-of-pocket maximum. Furthermore, it expands what HSA funds can be used for, including purchasing health insurance and covering expenses related to fitness, supplements, and direct primary care arrangements.
Key points
Maximum HSA contribution limits are increased to match the plan's deductible and out-of-pocket maximum, allowing for greater tax-advantaged savings.
HSA funds can now be used to purchase HSA-qualified health plans and certain Medicare coverage (excluding supplemental policies).
Fitness equipment, gym memberships, and nutritional supplements (up to $1,000 annually each) are now treated as qualified medical expenses.
HSAs are granted the same bankruptcy protections as retirement funds, securing personal savings.
Status:
Expired
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