New Health Savings Account (HSA) Rules: Increased Access and Flexibility
This act expands access to Health Savings Accounts (HSAs) for more individuals, including veterans and seniors. It also increases flexibility in using these accounts, allowing for broader application and higher contribution limits, which can help manage healthcare costs.
Key points
Veterans without service-connected disabilities and individuals eligible for Medicare Part A (by age) can now establish HSAs.
Individuals receiving Indian Health Service assistance are not disqualified from HSAs.
Bronze and Catastrophic health plans can now be paired with HSAs.
HSAs can cover mental health services without a deductible (up to $500).
Medical expenses incurred up to 60 days before HSA establishment can be covered.
Both spouses can make catch-up contributions to the same HSA.
The maximum HSA contribution limit increases to the amount of the deductible and out-of-pocket maximum.
HSA funds can be used for qualified long-term care services.
Introduced
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