Major Expansion of Health Savings Accounts: Higher Limits and Universal Eligibility.
This bill dramatically expands access to Health Savings Accounts (HSAs) by removing the requirement to be enrolled in a high-deductible health plan (HDHP). Crucially, it also increases the maximum annual contribution limits several times over, allowing individuals and families to save significantly more tax-free money for medical expenses. These changes take effect starting in the 2025 tax year, offering greater financial flexibility in healthcare planning.
Key points
HSA eligibility is expanded to anyone covered by any health insurance, eliminating the previous requirement for a high-deductible plan.
Annual contribution limits are substantially increased: from $2,250 to $8,600 for individuals and from $4,500 to $17,100 for families.
These changes offer greater tax savings and flexibility in managing personal healthcare finances, effective starting in 2025.
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