New rules for using Health Savings Accounts (HSA) for funeral expenses.
This bill allows funds from Health Savings Accounts (HSAs) to be used to cover the funeral expenses of the account beneficiary. This means citizens can cover burial costs without additional tax burdens, potentially providing financial relief during a difficult time.
Key points
HSA funds can now be used for funeral expenses, including burial, cremation, and funeral home services.
The maximum amount that can be withdrawn from an HSA for funeral expenses is $5,000.
Funeral expenses incurred up to 90 days after the beneficiary's death will be treated as if incurred immediately before death, simplifying accounting.
Introduced
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