What is the official ID of this bill?
The official print number for this legislation is S 2621.
Massive expansion of Health Savings Accounts (HSA) eligibility and contribution limits.
This act fundamentally changes Health Savings Accounts (HSAs), making them accessible to almost everyone, regardless of their current insurance plan, including those on Medicare or Medicaid. It significantly raises annual contribution limits, allowing citizens to save much larger tax-advantaged amounts for future medical expenses. Furthermore, HSA funds can now be used to pay for health insurance premiums and direct primary care arrangements.
Key points
Universal HSA access: Eliminates the requirement to have a High Deductible Health Plan (HDHP). HSAs become available to individuals covered by Medicare, Medicaid, TRICARE, and standard insurance plans.
Increased contribution limits: Maximum annual HSA contributions rise from $2,250 to $10,800 (individual) and from $4,500 to $29,500 (family).
New uses for funds: Allows HSA funds to be used tax-free to pay for health insurance premiums and periodic fees for direct primary care or concierge medicine.
Reduced penalty: Lowers the penalty tax for non-medical withdrawals from an HSA (before age 65) from 20% to 10%.
Status:
Expired
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